Berkshire Hathaway, led by Warren Buffett, has sold its remaining stake in Chinese electric vehicle maker BYD, ending a 17-year investment that generated enormous returns, according to a report by CNBC.
Berkshire Hathaway Energy, the subsidiary that held BYD shares, listed the investment’s value as zero as of March 31 in its first-quarter earnings report. A Berkshire spokesperson confirmed to CNBC that all shares had been sold. During Berkshire’s ownership, BYD’s stock price rose about 3,890 percent.
Berkshire first invested in BYD in 2008, acquiring 225 million shares at HK$8 each for about $230 million, a move initiated by Buffett’s longtime business partner Charlie Munger. For more than a decade, the holding remained unchanged before Berkshire began reducing its stake in 2022. By July 2024, filings showed its ownership had dropped below 5 percent, removing the requirement for further disclosures under Hong Kong rules.
“Buying and selling stocks is a normal part of investing,” BYD’s general manager of brand and public relations, Li Yunfei, wrote on Weibo. He added: “Thank you to Munger and Buffett for recognizing BYD! We also appreciate the investment, support, and presence over the past 17 years! Cheers to all long-term investors!”
Munger, who passed away in November 2023 at age 99, had been credited with urging Buffett to invest in the Chinese automaker. BYD paid tribute to him at the time, highlighting his role in the company’s growth.
BYD has since emerged as one of the world’s largest producers of electric and hybrid vehicles, challenging rivals including Tesla in global sales.