- Warren Buffett's Berkshire Hathaway sold 1.55 million Hong Kong-listed shares of electric vehicle maker BYD Co, Ltd BYDDF BYDDY for RMB$351.81 million ($44.85 million).
- The sale lowered Berkshire's holdings in BYD to 12.9% on January 27, down from 13.04%, Reuters reports.
- Berkshire, which started selling the BYD shares in late August, has accumulatively reduced its holding by more than a third.
- Buffett's company acquired 225 million BYD shares in 2008, giving it a 20.49% stake.
- BYD expects a 2022 net profit growth of 425.42% - 458.26% year-on-year.
- The growth trajectory of the new energy vehicle industry, coupled with a higher share of major overseas customers, led to the forecast.
- BYD's sales of new-energy vehicles climbed to 1.86 million last year from about 604,000 in 2021 despite China's Covid resurgence.
- In January, BYD launched the first of two new luxury electric-vehicle brands it is introducing this year.
- Price Action: BYDDF shares traded lower by 0.3% at $33.40 on the last check Thursday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.