Berkshire sells all its BYD shares
Photo: Bloomberg
Shares of BYD Co. tumbled on Monday after reports that Warren Buffett’s Berkshire Hathaway has sold off its entire stake in the Chinese electric vehicle giant.
The stock slipped as much as 3.6% in Hong Kong trading, its steepest decline in three weeks, and was among the worst performers on the Hang Seng gauge, News.Az reports, citing Bloomberg.
According to a CNBC report, Berkshire has fully exited its position in BYD, a move later confirmed by a company spokesperson.
Buffett first invested in BYD in 2008, helping transform the company from a little-known mobile phone battery supplier into China’s largest maker of electric and hybrid vehicles.
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