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Warren Buffett's Berkshire Hathaway Trims Stake In Chinese EV Maker To Less Than 13%

  • Warren Buffett's Berkshire Hathaway sold 1.55 million Hong Kong-listed shares of electric vehicle maker BYD Co, Ltd (OTC: BYDDF) (OTC: BYDDY) for RMB$351.81 million ($44.85 million).

  • The sale lowered Berkshire's holdings in BYD to 12.9% on January 27, down from 13.04%, Reuters reports.

  • Berkshire, which started selling the BYD shares in late August, has accumulatively reduced its holding by more than a third.

  • Buffett's company acquired 225 million BYD shares in 2008, giving it a 20.49% stake.

  • BYD expects a 2022 net profit growth of 425.42% - 458.26% year-on-year.

  • The growth trajectory of the new energy vehicle industry, coupled with a higher share of major overseas customers, led to the forecast.

  • BYD's sales of new-energy vehicles climbed to 1.86 million last year from about 604,000 in 2021 despite China's Covid resurgence.

  • In January, BYD launched the first of two new luxury electric-vehicle brands it is introducing this year.

  • Price Action: BYDDF shares traded lower by 0.3% at $33.40 on the last check Thursday.

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This article Warren Buffett's Berkshire Hathaway Trims Stake In Chinese EV Maker To Less Than 13% originally appeared on Benzinga.com

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