Despite Warren Buffett’s Berkshire Hathaway Inc. offloading over a fifth of its stake in China-based BYD this 2022, the automaker noted that it is confident the legendary investor still loves the company. A BYD executive also highlighted that the China-based automaker does not see Tesla as a competitor.
In recent comments, BYD Executive Vice President Stella Li noted that it’s very “natural” for Buffett to get some returns. Buffett’s Berkshire Hathaway invested an initial $230 million in BYD, and since then, it has grown over 1,570%. Even after offloading BYD shares this year, Berkshire’s remaining stake still stands at about $4.5 billion.
“I don’t feel this is any indication he’s abandoned BYD. He loves BYD, he loves management,” Li said, adding that the legendary investor will always be one of the China-based automaker’s biggest supporters.
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