Warren Buffett’s Berkshire Hathaway has pared its stake in BYD to less than 5%, further unwinding its long-term bet on China’s largest electric-vehicle maker. Dropping below the 5% threshold means that Berkshire will no longer be required to disclose its sales of BYD stock on the Hong Kong stock exchange. BYD shares were recently 3.9% lower in both Hong Kong and Shenzhen on Tuesday. “It’s a profitable investment, but eventually Berkshire will sell all of its [shares] of BYD,” said Angus Chan, an auto sector analyst at Bocom International. Intense competition in China’s EV market is likely another major reason for trimming the BYD stake, he said.

Source: Wall Street Journal July 23, 2024 10:59 UTC