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Buffett's Berkshire Hathaway lowers stake in Chinese EV giant BYD - media reports

Investing.com -- Warren Buffett's Berkshire Hathaway (NYSE:BRKa) has offloaded 1.3 million Hong Kong-listed shares of electric vehicle giant BYD (SZ:002594) in a move worth HK$310.5 million, according to media reports.

Citing a filing with the Hong Kong stock exchange, the reports said Berkshire trimmed its holdings in Shenzhen-based BYD to 6.9% from 7%.

The conglomerate had originally purchased roughly 225 million shares in the company in 2008, a lucrative bet that Buffett has credited to Charlie Munger, the late vice-chairman of Berkshire.

China's BYD has transformed itself from a mobile phone battery maker into one of the world's largest EV players, even surpassing U.S. rival Tesla (NASDAQ:TSLA)'s sales of battery-powered cars in the fourth quarter. Like other EV groups in China, BYD has moved to cut the prices of its plug-in hybrids in a bid to attract cost-conscious domestic consumers.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.