Berkshire Hathaway has sold $80.7 million worth of Hong-Kong listed shares in China’s electric vehicle maker BYD.
The investment company, owned by Warren Buffett, lowered its holding’s in BYD from 16.28% to 15.99%, a filing to the Hong Kong Stock Exchange said on Tuesday.
The Hong Kong-listed shares of BYD fell as much as 2.3% to HK$174.10 on Wednesday. The combined market value of BYD’s stock listed in Hong Kong and Shenzhen is $87.50 billion.
BYD Sell-Off
Berkshire Hathaway last sold 5.78 million Hong Kong-listed shares in BYD on November 8 for HK$1.14 billion.
Separately, BYD said on Wednesday it had raised prices for each of three electric vehicle models by 2,000 to 6,000 yuan (about $280 to $830).
BYD said on WeChat that the national subsidy for some electric and hybrid-power vehicles would end on December 31, while the raw material price for batteries had also jumped since the second half of this year.
- Reuters, with additional editing from Alfie Habershon
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