AP
- Warren Buffett's Berkshire Hathaway unloaded more BYD stock last week.
- His holding company sold more than 4 million shares of the Chinese EV maker for $139 million.
- The latest sale means Berkshire's stake in BYD has narrowed to 11.87% from 12.26%.
Warren Buffett is continuing to unload his position in Chinese electric car maker BYD.
Buffett's Berkshire Hathaway sold over 4 million shares of BYD stock for $139 million on February 3, according to Reuters, citing a filing to the Hong Kong Stock Exchange.
The company has been offloading shares and last week's sale follows Berkshire's shedding of 1 million shares in early January. The latest sale of BYD brings down the firm's position in the company to 11.87% from 12.26%.
Berkshire initially invested in BYD in 2008, purchasing 228 million shares for $232 million, Insider previously reported. Berkshire's stake in the company was as much as 21% in 2021, worth over $7 billion.
Now the Warren Buffett-led firm has been cashing in on the company's success, as BYD posts strong sales in China at an affordable price point for its electric vehicles. BYD overtook Elon Musk's Tesla in 2022 in sales in the Chinese market.
BYD's US-listed shares are trending downward roughly 5% since late January but are still up 23% from the start of the year. On Thursday, shares rallied 4.4% to $31.70.
Meanwhile, BYD is in talks with Ford to purchase a production plant in Germany, sources told the Wall Street Journal last month. A deal would mark a massive overseas expansion for China's top maker of electric vehicles.