{"id":27944,"date":"2023-06-27T02:05:54","date_gmt":"2023-06-27T06:05:54","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/warren-buffett-charlie-munger-might-disagree-on-evs-berkshire-sells-byd-stock\/"},"modified":"2023-06-27T02:05:56","modified_gmt":"2023-06-27T06:05:56","slug":"warren-buffett-charlie-munger-might-disagree-on-evs-berkshire-sells-byd-stock","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=27944","title":{"rendered":"Warren Buffett, Charlie Munger Might Disagree on EVs. Berkshire Sells BYD Stock."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

Warren Buffett\u2019s conglomerate
\n Berkshire Hathaway
\n sold more stock in Chinese electric-vehilcle leader
\n BYD.<\/span>
\n The reason why is still a mystery, and doesn\u2019t seem to line up with recent comments from Berkshire Vice Chairman Charlie Munger. <\/p>\n

Recently,
\n Berkshire Hathaway
\n (ticker:
\n BRKb
\n ) sold 2.5 million of the Hong Kong-listed shares of BYD (1211.Hong Kong) worth about $86 million, according to reports citing Hong Kong exchange filings. <\/p>\n

\n

Berkshire Hathaway didn\u2019t immediately respond to a request for comment about the sale. <\/p>\n

It isn\u2019t Berkshire Hathaway\u2019s first sale. It has been selling relatively small blocks of BYD stock from time to time over the past couple of years. One of the recent sales was a May sale of roughly 2 million shares worth about $60 million. <\/p>\n

Berkshire Hathaway originally purchased its BYD stake in 2008. Shares are up roughly 33-fold since then, working out to an average annual gain of about 26%. <\/p>\n

BYD shares really took off around 2020, about the same time Tesla (TSLA) shares started to rise significantly. EVs were the reason. Tesla is the largest seller of all-battery EVs on the planet, with BYD at number two. In China, however, BYD is tops. The two companies are the only EV makers that are consistently profitable.<\/p>\n

Together, the pair have roughly 30% of the entire global market for battery-electric cars.<\/p>\n

BYD\u2019s rise has drawn praise from Berkshire Hathaway\u2019s Munger, at the expense of Tesla. \u201cBYD is so much ahead of Tesla in China\u2026it\u2019s almost ridiculous,\u201d he told CNBC\u2019s Becky Quick in February. <\/p>\n

That hasn\u2019t stopped the sales though. Perhaps Buffett doesn\u2019t like the car-manufacturing business as much as his longtime partner. He was asked about opportunities arising from EVs at Berkshire Hathaway\u2019s May annual shareholder meeting. <\/p>\n

\u201cI would say that Charlie and I felt that the auto industry is just too tough,\u201d said Buffett, adding later that picking long-term winners and losers in the car business is hard. Berkshire Hathaway is in the car business, of course, as it owns 80 car dealerships. <\/p>\n

Perhaps Berkshire Hathaway\u2019s stock sales are just about profit-taking. <\/p>\n

Whatever the reason, investors appear to be used to stock sales. BYD stock was down 0.6% in overseas trading while the
\n Hang Seng Index
\n dropped 0.5%. BYD\u2019s U.S.-listed American depositary receipts, or ADRs, which trade under the symbol BYDDY, are up 0.5% in Monday trading, while the
\n S&P 500
\n and
\n Nasdaq Composite
\n are up 0.3% and 0.6%, respectively. <\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Warren Buffett\u2019s conglomerate Berkshire Hathaway sold more stock in Chinese electric-vehilcle leader BYD. The reason why is still a mystery, and doesn\u2019t seem to line up with recent comments from Berkshire Vice Chairman Charlie Munger. Recently, Berkshire Hathaway (ticker: BRKb ) sold 2.5 million of the Hong Kong-listed shares of BYD (1211.Hong Kong) worth about […]<\/p>\n","protected":false},"author":1,"featured_media":27945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-27944","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nWarren Buffett, Charlie Munger Might Disagree on EVs. 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