Buffett's Berkshire continues to sell shares of Chinese electric automaker
Berkshire invested in the company in 2008 and now owns less than a 9% stake
Berkshire Hathaway, the investment company owned by Warren Buffett, continues to reduce its stake in the Chinese electric automaker BYD.
Berkshire sold 2.53 million Hong Kong-listed shares worth $86.3 million, according to a stock exchange filing.
The shares which were sold on June 19, reduced Berkshire's holdings in BYD's shares from 9.21% to 8.98%.
Berkshire has been steadily been selling shares. The company had not sold shares in the automaker before last August.
BUFFETT'S FIRM CUTS STAKE IN CHINESE AUTOMAKER
![Warren Buffett in Omaha](https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2021/05/931/523/AP21104467347131.jpg?ve=1&tl=1)
Warren Buffett, chairman and CEO of Berkshire Hathaway. (AP Photo/Nati Harnik, File / AP Newsroom)
Last month, Buffett's company sold nearly 2 million shares, brining his stake to below 10%.
In February, Berkshire sold nearly 95 million of its original 225 million shares, according to a filing with the Hong Kong stock market.
That is in addition to the sale of another 4 million BYD shares.
WARREN BUFFETT'S BERKSHIRE HATHAWAY INCREASING STAKES IN JAPAN TRADING FIRMS
![BYD's Atto 3 electric SUV car](https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/11/931/523/BYD-RESULTS-e1668458069920.jpg?ve=1&tl=1)
BYD's Atto 3 electric SUV. ( REUTERS/Adnan Abidi / Reuters Photos)
Berkshire invested in the company in 2008, paying $232 million for a stake.
BYD sold nearly 1.9 million cars last year including pure electrics, plug-ins and hybrids.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
BRK.A | BERKSHIRE HATHAWAY INC. | 657,179.99 | +7,229.97 | +1.11% |
BRK.B | BERKSHIRE HATHAWAY INC. | 437.66 | +4.37 | +1.01% |
Many investors follow Buffett's investments because of his remarkably successful track record over the years.
Reuters contributed to this report.