Warren Buffett’s Berkshire Hathaway sold 1.3 million BYD shares listed in Hong Kong, which were worth HK$310.5 million.
A stock exchange filing revealed that Berkshire sold BYD shares on June 11, 2024. After selling, Berkshire’s holdings in BYD’s issued H-shares dropped from 7.02% to 6.90%.
The European Commission recently announced new tariffs for Chinese electric vehicle (EV) imports, affecting China-based automakers. Some Chinese automakers received tariffs as high as 38%. BYD received an individual tariff of 17.4% thanks to its cooperation in the European Commission’s investigation on China-made EV imports.
Even with the new tariffs in place, however, BYD is expected to make substantial EU profits in its EV vehicle offerings in Europe.
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