Shares of BYD Co. 1211, -2.04%, the Chinese rival to Tesla, fell Tuesday after Warren Buffett further trimmed his holding in the company.
The listed Chinese electric vehicle maker slid as much as 2.9% in morning trade in Hong Kong, while the benchmark Hang Seng Index HSI, -0.34% was 0.4% lower. BYD’s shares in Shenzhen 002594, -1.80% dropped as much as 2.3%.
It is the latest move by Berkshire Hathaway BRK.B, -0.99%, the investment manager founded by Buffett, to cut its stake in the Chinese EV company since August.
The latest share sale took its position below 14% of BYD’s Hong Kong-traded shares. Since August, Berkshire’s holding has fallen by nearly one-third, to about 153.3 million shares from roughly 218.7 million, filings show.
Berkshire paid $230 million for a 10% stake in BYD back in 2008 and the shares have risen dramatically since then.
The car maker said last week that it produced a total 1.88 million vehicles in 2022, more than double from 2021 levels. Vehicle sales also more than doubled last year.
Citi analysts said in a note last week that they consider BYD a key winner of the consolidation in the sector, and maintained its buy rating on the stock with a target price of 640 Hong Kong dollars (US$82.01).
BYD shares were last down 2.2% at HK$196.90.
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