Berkshire Hathaway reduced its BYD stake by 1.3 million HK shares, lowering the holding to 6.9% from 7%.
Chinese electric vehicle firm BYD (OTC:BYDDY) saw its shares trade higher on Monday, despite reports that Warren Buffett’s Berkshire Hathaway had sold more shares.
Berkshire Hathaway reduced its holding by 1.3 million of the Hong Kong (primary) listed shares, for $39.8 million.
It results in Buffett’s stake reducing to 6.9%, from the 7%, and it’s the latest in a number of divestments by the American group – it has been selling shares since 2022.
Previously, Berkshire Hathaway in 2008 bought around 225 million shares of the EV firm for some $230 million.
Since then BYD has achieved significant market penetration first in China, and more recently with exports into Europe and North America.
BYD initially manufactured batteries for mobile phones in the 1990s, before pivoting into the electric vehicle market in the early 2000s. As well as selling cars, BYD is also a supplier of battery technologies to other EV brands.
Trading in $59.15 in America’s OTC market the share was up around 1.6%.
