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Warren Buffett’s Berkshire Hathaway has trimmed its stake in China EV maker five times in the past … [+]
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Shares in BYD, China’s No. 1 EV maker, ended the week lower in Hong Kong after news Warren Buffett’s Berkshire Hathaway sold shares for the fifth time in the past three months and word that it planned to increase selected EV prices.
According to a filing this week at the Hong Kong Stock Exchange, Berkshire sold 3.2 million shares at HK$195.4 on Nov. 17, raising HK$630 million. It also sold 1.33 million shares on Aug. 24 worth HK$368 million; 1.71 million shares on Sept. 1 worth HK$449 million; 3.39 million shares on Nov. 1 worth HK$558.8 million; and 5.78 million shares on Nov. 8 worth HK$1.1 billion, raising the equivalent of about $400 million, according to stock exchange figures. Buffett bought 225 million shares in the company for $230 million in 2008.
Shenzhen-headquartered BYD dominates China’s EV sales ranks today and has enjoyed brisk growth this year, but faces the task of new competition as it works to expand overseas (see related post here).
Shares also fell on an announcement by BYD this week that the company plans to raise prices. BYD announced on Nov. 23 that it would raise prices by 2,000-6,000 yuan on a cut in government subsidies starting next year and higher costs.
Hong Kong stocks were broadly lower today on concerns about fallout from a growing number of lockdowns in China in connection with the country’s “zero-Covid” policy. The Hong Kong Stock Exchange’s benchmark Hang Seng Index lost 0.5% to 17,573.58.
BYD Chairman Wang Chuanfu is worth $18.3 billion on the Forbes Real-Time Billionaires List today.
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