After Warren Buffett, Cathie Wood Trims Stake In This EV Maker With $3M Sale

Cathie Wood-led ARK Investment Management sold over 51,000 BYDDY otc shares of Warren Buffett-backed BYD Co. Ltd BYDDY BYDDF, through the ARK Autonomous Tech. & Robotics ETF ARKQ, valued at over $2.9 million based on Wednesday’s closing price.

BYD is the 21st largest holding in ARKQ, valued at over $19 million.

Also Read: Alibaba, Nio Rise Over 1% As Hong Kong Tech Stocks Cheer Wall Street Rebound: Cautious Investors Eye Key Fed Event

The move comes a week after Buffett’s Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) disclosed trimming its stake in the automaker from 20.49% to 18.87% in the past two months, when it sold over 17.8 million shares valued at over $600 million, according to an exchange filing.

Shunning Positives: Investors and traders seem to have mostly looked past the news about BYD overtaking LG Energy Solution Ltd as the world's second-largest EV battery maker, behind China’s Contemporary Amperex Technology Co. Ltd. The company registered record sales in August having sold 82,678 battery electric vehicles (BEV) during the month, up 172% from a year ago.

The automaker stopped manufacturing vehicles based on internal combustion engine in March and said it would focus on new energy vehicles, including battery electric vehicles, and plug-in hybrids. With its flagship Han EV Series, BYD competes with the likes of Tesla Inc. TSLA and Nio Inc. NIO in China.

BYDDF otc shares have fallen more than 22% in the last month. The company’s Hong Kong-listed shares were trading 1.43% lower on Thursday.

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Posted In: NewsBroad U.S. Equity ETFsShort IdeasSpecialty ETFsTrading IdeasETFsARK Investment ManagementCathie Woodelectric vehiclesEurasiaEVsWarren Buffett
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