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Dow Jones Newswires: BYD shares fall after Warren Buffett again cuts stake in Chinese EV maker

0

Shares of BYD Co.
1211,
-2.04%
,
the Chinese rival to Tesla, fell Tuesday after Warren Buffett further trimmed his holding in the company.

The listed Chinese electric vehicle maker slid as much as 2.9% in morning trade in Hong Kong, while the benchmark Hang Seng Index
HSI,
-0.34%

was 0.4% lower. BYD’s shares in Shenzhen
002594,
-1.80%

dropped as much as 2.3%.

It is the latest move by Berkshire Hathaway
BRK.B,
-0.99%
,
the investment manager founded by Buffett, to cut its stake in the Chinese EV company since August.

The latest share sale took its position below 14% of BYD’s Hong Kong-traded shares. Since August, Berkshire’s holding has fallen by nearly one-third, to about 153.3 million shares from roughly 218.7 million, filings show.

Berkshire paid $230 million for a 10% stake in BYD back in 2008 and the shares have risen dramatically since then.

The car maker said last week that it produced a total 1.88 million vehicles in 2022, more than double from 2021 levels. Vehicle sales also more than doubled last year.

Citi analysts said in a note last week that they consider BYD a key winner of the consolidation in the sector, and maintained its buy rating on the stock with a target price of 640 Hong Kong dollars (US$82.01).

BYD shares were last down 2.2% at HK$196.90.

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