Warren Buffett Still Loves BYD Despite Berkshire's Stake Cut, Assures EV Company Exec: 'Very Natural For Him To...'

Warren Buffett Still Loves BYD Despite Berkshire's Stake Cut, Assures EV Company Exec: 'Very Natural For Him To...'

BYD Co. BYDDF BYDDY Executive Vice-President Stella Li has stated that Warren Buffett, whose investment firm Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) holds a stake in the company, loves the electric vehicle-maker and is not abandoning it, according to a Bloomberg report.

“It’s very natural for him to get some returns — cash out,” Li said in an interview talking about Buffett’s share sale in the company.

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Berkshire first invested in BYD in September 2008. In August, it made its first known stake sale in the automaker’s Hong Kong-listed shares when it disposed of 1.3 million shares for $47 million. In November, Berkshire further trimmed its stake in the company, bringing it down to 15.99%.

“I don’t feel this is any indication he’s abandoned BYD,” Li said, adding, “He loves BYD, he loves management” and will “always be” the biggest supporter of the company, she stated according to the report.

BYD shares were trading over 5% higher in Hong Kong on Wednesday.

Europe Plans: Li also stated BYD is looking to build a passenger car plant in Europe. “Yes, and maybe not only one, it can be two.” The comment follows BYD’s announcement to sell vehicles across the continent, including Germany, Sweden Norway, the Netherlands, France and the UK.

She further said that BYD will introduce two new luxury brands next year of which one will have an SUV and a sports car. The second will be about fashion, styling, and a car being treated as a hobby, she said according to the report.

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