KATHMANDU: Berkshire Hathaway, led by legendary US investor Warren Buffett, has sold its remaining shares in Chinese electric vehicle maker BYD, ending a long and profitable investment.
The company first invested in BYD in 2008, buying about 225 million shares for $230 million. At that time, the stake represented around 10% of the company. BYD’s stock later rose more than twenty times, making the investment highly successful.
Berkshire started reducing its stake in August 2022 and has now fully exited. A spokesperson confirmed the complete sale, first reported by CNBC. Berkshire did not give further comment on the decision.
BYD’s general manager of branding and public relations, Li Yunfei, thanked Berkshire on Weibo for its support over the past 17 years. He described the exit as a normal stock trade.
Meanwhile, BYD is facing challenges in its home market. Domestic sales, which account for about 80% of its global deliveries, have fallen for four months in a row. The company has also lowered its annual sales target by up to 16% to 4.6 million vehicles, according to Reuters.
