Etiqueta: Report

BYD (BYD, 1211.HK) stock drifted lower in Monday's session after CNBC reported Berkshire Hathaway (BRK-B, BRK-A) CEO Warren Buffett sold off the firm's full stake in the Chinese EV maker. Yahoo Finance senior autos reporter Pras Subramanian breaks down the latest. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime.

Market Catalysts host Julie Hyman tracks several of the day's top trending stock tickers, including Oracle (ORCL) as it is named in the framework of a TikTok deal, Compass, Inc.'s (COMP) bid to buy Anywhere Real Estate (HOUS) for $1.5 billion, and Berkshire Hathaway (BRK-B, BRK-A) CEO Warren Buffett announcing that he has sold his entire stake in BYD (1211.HK, BYDDY). To watch more expert insights and analysis on the latest market action, check out more Market Catalysts.

Shares of BYD (BYDDY) fell over three percent in trading overnight in Asia after Warren Buffett's Berkshire Hathaway exited its longtime stake in the Chinese electric vehicle maker. Meantime. Porsche (PAH3.DE) is under pressure after slashing its profit guidance and Snap (SNAP) is on a tear in the pre-market, extending a recent run higher in the last week.

Berkshire Hathaway exits longtime stake in Chinese EV maker BYD, ending 17 years of Buffett backing amid shrinking profits and rising competition.

BYD Co. shares dropped the most in three weeks after a report that Warren Buffett’s investment firm offloaded its stake in the Chinese electric-vehicle maker.

Berkshire Hathaway Inc. has exited its entire holding in BYD, according to a CNBC report on Sunday that also cited a spokesperson for the US firm confirming the development. A filing by Berkshire Hathaway Energy, the subsidiary that held BYD’s shares, listed the value of the investment as zero as of March 31, CNBC reported. The past two decades have seen BYD go from a little-known Chinese battery provider for cell phones to the nation’s biggest electric and hybrid vehicle maker.

Berkshire began trimming its BYD holdings in 2022, cutting the stake to 54 million shares before fully exiting this year.

A BYD executive said this was a normal occurrence and expressed gratitude to Munger and Buffett for their recognition of BYD.

①BerkshireHathaway has reportedly fully divested its holdings in BYD. ②Southbound capital has recorded net inflows for 18 consecutive weeks. ③The market is betting that interest rate cuts may exceed the Federal Reserve's expectations. ④Li Auto and CATL have reached a comprehensive strategic cooperation agreement.

The company's exports more than doubled in the first six months of this year.