Etiqueta: US

Berkshire Hathaway has exited BYD after 17 years, closing a stake that yielded over twentyfold returns, according to a company filing

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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’s sale of its entire stake ends an investment in the Chinese carmaker that has yielded more than 20-fold over 17 years

BARCELONA (Reuters) -When Javier Hernandez went car shopping in Barcelona, he ended up choosing a plug-in hybrid by China's BYD - swayed by a price nearly 10,000 euros cheaper than European rivals. With government subsidies, the BYD Seal U DM-I Hernandez opted for starts at around 30,000 euros ($35,289) in Spain, compared to over 40,000 euros for VW's Tiguan and Peugeot's 3008 plug-in hybrid models. Cost-conscious buyers like Hernandez are fuelling rapid growth for Chinese EV carmakers like BYD in Spain and around Europe, stepping up competition with regional and U.S. rivals like Tesla, Stellantis and Volkswagen.

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.

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

Over the weekend, BYD announced on a RedNote livestream that the U9 Xtreme version has now broken the overall production car top speed record, clocking in at 496.22 km/h (308.37 mph). The car had just set the EV top speed record of 472.41 km/h a few weeks ago.  In addition, in its first test at the Nürburgring, it set the EV lap record at 6:59.157. BYD also implied that the top speed was limited by the 500 km/h-rated tires, as the car was still accelerating at the recorded speed. And the lap time was also just the start, with the car electronically limited to 350 km/h.

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