Warren Buffett’s Berkshire Hathaway is continuing to unwind its long position in BYD, China’s largest home-grown EV maker and Tesla’s major rival, after holding it for 14 years.
The legendary investor’s conglomerate sold another 3.2 million Hong Kong-listed shares of BYD (BYDDF) last week, cutting its stake to 15.99%, a Hong Kong stock exchange filing showed Tuesday. The sale was valued at about $80 million.
It’s the fifth major share sale by Berkshire (BERK) of BYD shares disclosed since August, according to public records. The pace of sales increased significantly this month, with three transactions so far in November.
Berkshire has not disclosed the reason for the sales. The company didn’t immediately respond to a request for comment by CNN Business.
Before the first deal was disclosed in August, Berkshire had held 225 million shares of BYD for 14 years.
The US conglomerate first bought BYD shares at an average of HK$8 ($1.02) apiece in 2008, with an investment of $230 million. Back then, BYD shares had fallen to a record low during the global financial crisis.
