7 Sept 2021
Warren Buffett’s Berkshire gains $2 billion in BYD Stocks
The Index Today
Berkshire Hathaway, owned by Warren Buffett, has gained $2 billion this year on the BYD stock. This has tremendously boosted the bet value on the Chinese owned electric vehicle company to $8 billion (3,400% gain) in a span of 13 years.
Warren Buffet initially bought 225 million shares for $232 million in the year 2008. The stocks prices have increased by 23%, increasing the total value of Berkshire’s stake by 8% to $7.9 billion. The current valuation of the BYD shares has reached a whopping $5.9 billion according to the latest annual report issues by Berkshire.
The automaker’s shares rose by 8% on Monday after the passenger vehicle sales number were revealed. A total of 261,000 vehicles were sold in the first eight months of this year, more than three times what it sold in the previous year.
125% sales rise has been seen in electric vehicles along with a 485% increase in sales of plug-in hybrids. On the other hand, the company’s sales of gas powered vehicles have dropped by 22%. The company has grown its revenue immensely since Berkshire invested in it.