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Warren Buffett's Berkshire Hathaway dumps BYD shares following rise in trade tension over Chinese EVs

·1 min

Warren Buffett’s Berkshire Hathaway has further reduced its stake in BYD, the world’s second-largest electric car maker, amidst escalating trade tensions. Berkshire sold approximately 1.35 million shares of BYD, decreasing its stake from 7.02% to 6.9%. The sale was valued at $40 million. China’s dominance in the electric vehicle market has led to concerns over a potential trade war with Western partners. Recently, the European Union imposed additional tariffs on Chinese EVs, resulting in retaliation threats from China. In the United States, tariffs on EV imports from China have also been increased. Despite these developments, BYD remains a major player in the industry.