Upper marlboro ford2/18/2023 Berkshire paid $232 million for its shares, whose value had by Aug. 30, reducing its stake in BYD's total issued H shares to 19.92% from 20.49%.īuffett's company had acquired 225 million BYD shares in 2008, giving it a 7.73% stake, equal to the 20.49% stake in H shares. Warren Buffett’s Berkshire Hathaway has sold 1.33 million Hong Kong-listed shares of electric-car and battery maker BYD for about HK$370 million (US$47 million), according to a filing on Aug. (The author is a Reuters Breakingviews columnist. authorities, could also draw unwanted attention as the company expands.Įven so, Wang’s impressive track record suggests he will be able to navigate what comes next – with or without Buffett. Collaboration with Huawei, blacklisted by U.S. Geopolitics could derail a mooted battery-supply deal with Tesla, for example, or jeopardise ties with American automaker Ford. Fraught relations between Washington and Beijing could slow sales growth overseas and to foreign clients. That helped to more than double net profit to 3.9 billion yuan ($566 million). New hybrid powertrains - coupling a battery with a traditional motor - sold well, while pricier new models aimed at taking the brand upmarket also impressed. The carmaker tripled deliveries of electric vehicles to 641,350 in the first half of 2022 from a year earlier. It has even started to supply batteries to competitors from Daimler (MBGn.DE) to Ford Motor (F.N). Investments into everything from lithium to chips gave the group an edge in tough times, allowing it to secure components for its own production lines. Wang’s decision to go all-in on vertical integration proved prescient. Register now for FREE unlimited access to Register Meanwhile, BYD has matured into a formidable rival to Tesla (TSLA.O) and other more established automakers at home. Buffett’s roughly $7.5 billion stake is worth around 33 times the $8 per share he paid when the deal closed in 2009 annualised returns of more than 30% eclipse the Hong Kong benchmark index’s 3.5% over the same 13-year period. Even before the latest selloff, BYD’s Hong Kong stock was down some 16% since July on speculation of an exit. Set against that backdrop, shareholders might fear the Oracle of Omaha is getting out while he can. But founder Wang Chuanfu has engineered a company that could ride out Buffett’s departure, and worse.Ī brutal combination read more ]of Beijing’s zero-Covid policies, war in Ukraine, semiconductor shortages and U.S.-China tensions have shaken supply chains. Investors are nonetheless rattled: shares fell more than 10% on Wednesday in Hong Kong. That trims its holding in BYD's H-shares to 19.92% from 20.49%. The 92-year-old billionaire’s Berkshire Hathaway (BRKa.N) has sold a sliver read more of its 7.73% stake in the Hong Kong- and Shenzhen-listed electric-car maker. HONG KONG, Aug 31 (Reuters Breakingviews) - Chinese electric-car maker BYD (1211.HK), (002594.SZ) doesn’t need Warren Buffett.
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