Hong Kong CNN —Warren Buffett’s Berkshire Hathaway has further cut its large stake in BYD, which vies with Tesla as the world’s largest electric car (EV) maker, as global trade tensions escalate over Chinese EVs.
The sale was valued at 310.5 million Hong Kong dollars ($40 million).
BYD shares had closed at a record high in June of that year.
In 2008, Berkshire spent $230 million in buying BYD shares at an average of HK$8 ($1.02) apiece.
Berkshire still holds 75.7 million Hong Kong-listed shares of BYD, which were worth about 17.6 billion Hong Kong dollars ($2.3 billion) by Tuesday.
Persons:
Hong Kong CNN — Warren, Berkshire Hathaway, Tesla, Buffett, Daniel Acker, Biden, Wang Chuanfu, Elon Musk’s Tesla, didn’t, Charlie Munger, Munger “, ”
Organizations:
Hong Kong CNN, Hong Kong, Berkshire, Bloomberg, Getty, European Union, European Commission, EU, EV, HK, CNN
Locations:
China, Hong Kong, BYD, European, Europe, Beijing, United States, Shenzhen, Berkshire