Warren Buffett's Berkshire Hathaway Trims BYD Stake for the First Time in 14 Years
Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 155 million shares of BYD, a Chinese automaker, for about $400 million.
The sale marks the first time Berkshire Hathaway has reduced its stake in BYD since it first invested $232 million in the company in 2008.
BYD is one of the world's largest electric vehicle manufacturers, and its shares have surged in recent years as demand for EVs has grown. The company's net profit in the first half of 2023 jumped by 350%, to 3.6 billion yuan ($530 million).
Berkshire Hathaway's sale of BYD shares comes as the company has been reducing its exposure to China. In recent years, Berkshire Hathaway has sold off its stakes in several Chinese companies, including e-commerce giant Alibaba and food delivery company Meituan.
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