BYD stock fell 1.46% amid Berkshire Hathaway sells 1.3M shares worth $40M
$BYD COMPANY (01211.HK)$ $Tesla (TSLA.US)$ $NIO Inc (NIO.US)$ $XPeng (XPEV.US)$ The article reported that Warren Buffett's Berkshire Hathaway (BH) is cutting its stake in Chinese EV maker BYD Company after selling nearly $40 million worth of BYD stock. BH sold an additional 1.3 million of BYD stock worth a total of nearly $40 million. That is according to a filing to the Hong Kong Stock Exchange and the sale reduced work holding to 6.9 from 7% here.
My Take: The stock fell 1.46% when HK stock market closed on Friday (14 June). The cut in stake came at the time when US, EU and Turkey slapped tariffs on Chinese EVs from China. US imposed 100% tariffs and thwarted BYD's plan to import cheap EVs made from Mexico. EU imposed 27.8% tariffs on BYD after the anti-subsidy investigation. Read here:
1. EU impose tariffs on imported Chinese EV: BYD 17.4% Geely 20% SAIC 38.1%
1. EU impose tariffs on imported Chinese EV: BYD 17.4% Geely 20% SAIC 38.1%
Despite what someone said the cut is small, I think BH is 'testing' the market. There may be a bigger dump of the stock in the near future just like how BH is reducing its stake in Apple.
Source:
$BYD COMPANY (01211.HK)$ $BYD Co. (BYDDF.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Tesla (TSLA.US)$ $VOLKSWAGEN A G (VWAGY.US)$ $NIO Inc (NIO.US)$ $Li Auto (LI.US)$ $XPeng (XPEV.US)$ $General Motors (GM.US)$ $Ford Motor (F.US)$ $Rivian Automotive (RIVN.US)$ $MERCEDES-BENZ GROUP AG (MBGAF.US)$ $TOYOTA MOTOR CORP (TOYOF.US)$ $GEELY AUTO (00175.HK)$ $Stellantis NV (STLA.US)$
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I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
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