Warren Buffett’s Berkshire Hathaway has reduced its stake in Chinese electric vehicle (EV) maker BYD, selling 1.35 million Hong Kong-listed shares and lowering its holding from 7.02% to 6.9%, as reported by Laura He for CNN.
The sale, valued at 310.5 million Hong Kong dollars ($40 million), occurred on June 11 and is the first major divestment in ten months, marking the 14th sale since Berkshire began reducing its BYD stake in August 2022. This move comes amid escalating global trade tensions over Chinese EVs, with concerns over China’s significant policy support and state subsidies for its EV industry. Recently, the European Union imposed additional tariffs on EVs imported from China, including a 17.4% levy on BYD, on top of the existing 10% duty. These measures are seen as a response to perceived unfair competition that threatens European carmakers. The tariffs are expected to impact Chinese manufacturers, who consider Europe a crucial export market.
Read more:https://www.cnn.com/2024/06/18/cars/berkshire-hathaway-byd-china-ev-tensions-intl-hnk?cid=ios_app
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