Buffett Reduces Holding in BYD for the 11th Time, Less than 10% of Shares

On May 2, Berkshire Hathaway, the investment company of Warren Buffett, sold 1.96 million shares of BYD listed in Hong Kong, worth a total of HK$462.09 million ($58.9 million), according to a document published by the Hong Kong Stock Exchange.
The sale further reduced Berkshire Hathaway's stake in BYD's H shares from 10.05% to 9.87%, according to the filing.
Berkshire Hathaway originally purchased 225 million shares of BYD in 2008 for about $232 million. According to a Hong Kong Stock Exchange filing, Berkshire Hathaway holds about 21 per cent of BYD at the end of 2021, with a peak value of more than $7 billion in 2022. Since last August, Berkshire Hathaway has sold its holdings in BYD for the 11th consecutive time.
Earlier, BYD announced its financial results for the first quarter of this year. BYD achieved revenue of 120.174 billion yuan in the first quarter, up 79.83% year-on-year; and achieved net profit attributable to the mother company of 4.13 billion yuan, up 410.89% year-on-year. In terms of net profit, this single quarterly profit level of BYD exceeded its profit level for the whole year of 2021 (3.045 billion yuan), and also exceeded the sum of the first quarter (808 million yuan) and second quarter ( 2.787 billion yuan) of 2022.
Regarding the high revenue growth, BYD said that it was mainly due to the growth in sales of new energy vehicles. At the 2023 Shanghai International Auto Show, Li Yunfei, General Manager of BYD's Brand and Public Relations Office, revealed that BYD is targeting sales of 3 million units this year, including overseas markets and China.