The BYD bet turned out to be one of Berkshire's best, with its value ballooning to $8 billion at BYD's peak as the EV market exploded.
Sixteen years ago, Warren Buffett 's Berkshire Hathaway unveiled a $230 million investment in Chinese electric vehicle startup BYD , sparking questions about the conglomerate's unusual foray into early-stage technology. The bet turned out to be one of Berkshire's most profitable, with the stake ballooning to $8 billion at BYD's peak as the EV market exploded in China and beyond.
'Damn miracle' When Berkshire's stake in the Hong Kong-traded shares first became public, Munger went to great lengths to explain to shareholders that BYD wasn't some early-stage venture capital company, despite the fact that its CEO was only in his 40s at the time of Berkshire's investment. "This is not some unproven, highly speculative activity. What it is, is a damn miracle," Munger said in 2009.
Stock Markets Berkshire Hathaway Inc BYD Co Ltd BYD Co Ltd Warren Buffett Charlie Munger Business News
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Warren Buffett’s Berkshire Hathaway trims its stake in Chinese EV maker BYD to 6.9%Warren Buffett's conglomerate has sold an additional 1.3 million Hong Kong-listed shares of BYD for $39.8 million, according to a filing.
Read more »
Warren Buffett’s Berkshire Hathaway dumps BYD shares following rise in trade tension over Chinese EVsWarren Buffett’s Berkshire Hathaway has further cut its large stake in BYD, which vies with Tesla as the world’s largest electric car (EV) maker, as global trade tensions escalate over Chinese EVs.
Read more »
This AI play is about to pass Warren Buffett’s Berkshire Hathaway in market valueBroadcom has enjoyed a record-setting rally that's pushed its market capitalization inches behind Warren Buffett's Berkshire Hathaway conglomerate.
Read more »
Warren Buffett donates record $5.3B Berkshire shares to these five charitiesBuffett, 93, plans to give away more than 99% of the fortune he built at Berkshire, which he has run since 1965, with his children serving as executors of his will.
Read more »
Warren Buffett donates record $5.3 billion Berkshire shares to charityWarren Buffett donates record $5.3 billion Berkshire shares to charity
Read more »
Warren Buffett's Berkshire Hathaway owns 3% of the entire T-bill market, JPMorgan estimatesBerkshire Hathaway's purchase of Treasury bills has been so aggressive that the conglomerate now owns 3% of the entire market, according to JPMorgan.
Read more »