Warren Buffett’s Berkshire Hathaway has further cut its large stake in BYD, which vies with Tesla as the world’s largest electric car maker, as global trade tensions escalate over Chinese EVs. The legendary investor’s conglomerate sold another 1.35 million Hong Kong-listed shares of BYD on June 11, trimming its stake to 6.9% from 7.02%, a Hong Kong stock exchange filing showed Monday. The sale was valued at 310.5 million Hong Kong dollars .
Tensions had previously escalated between China and the United States over the same issue. In May, the Biden administration quadrupled tariffs on EV imports from China, from 25% to 100%, aiming to boost American jobs and manufacturing. Buffett said last year that it’s “imperative” for the US and China to settle their differences and “get along with each other.” ‘Right’ investment in BYD BYD, which was founded by Wang Chuanfu in Shenzhen, has had an extraordinary rise over the past three decades.