Warren Buffett’s Berkshire sold 2 Million BYD shares worth $60.1 Million
$BYD COMPANY(01211.HK$ $Tesla(TSLA.US$ $NIO Inc(NIO.US$ $XPeng(XPEV.US$ The article reported that Hong Kong Stock Exchange filing has revealed that Warren Buffet’s Berkshire Hathaway (BH) has trimmed its stake in Chinese NEV company BYD even further. According to CNEV Post, BH reduced its BYD stake by 2,017,500 shares on June 19, 2024, at an average price of HKD 234.57 ($30) per share, for a total cash out of about HKD 470 million ($60.1 million). This effectively cut the firm’s stake in BYD to just 5.99%.
On June 11, just over a week before the firm’s most recent filing, BH cut its stake in BYD by 1,347,500 shares. This reduced BH’s BYD stake from 7.02% to 6.9%.
My Take: $BYD Company Limited(002594.SZ$ A share price fell 1.52% in HK stock exchange amid the release of the news. BH didn't explain why it is cutting the stake. Based on another article, BYD net profit is declining and HSBC has downgraded its target price. Read here: HSBC cuts target price on BYD: A-Share to RMB 302 due to weaker net profit estimate
Due to the electric vehicles price cutting initiated by BYD, the company's Q1 2024 revenue, net income and gross margin fell QoQ. This may be one of the reasons BH has lost confidence in the NEV maker and started cutting its stake. Brian Basson commented in X.com that Warren Buffett may be busy uploading Tesla stock.
Source:
$BYD COMPANY(01211.HK$ $BYD Co.(BYDDF.US$ $S&P 500 Index(.SPX.US$ $Nasdaq Composite Index(.IXIC.US$ $Tesla(TSLA.US$ $VOLKSWAGEN A G(VWAGY.US$ $NIO Inc(NIO.US$ $Li Auto(LI.US$ $XPeng(XPEV.US$ $General Motors(GM.US$ $Ford Motor(F.US$ $Rivian Automotive(RIVN.US$ $MERCEDES-BENZ GROUP AG(MBGAF.US$ $TOYOTA MOTOR CORP(TOYOF.US$ $GEELY AUTO(00175.HK$ $Stellantis NV(STLA.US$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
2667Followers
85Following
11KVisitors
Follow
RedDevil7 : Buffet never agree with his close ex-friend charlie munger, who is smarter than him. Mr. Munger has passed away late last year. I trust munger more than this Buffett, whose success was merely based on those "McD, Coca cola and nothing more............"