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BYD shares plunge as Warren Buffett trims stake in China EV maker

Stock in country's biggest electric car producer drops nearly 8%

Exchange filings show Warren Buffett’s Berkshire Hathaway has cut back its stake in Chinese electric car producer BYD.   © Reuters

HONG KONG -- Shares in BYD, China's biggest maker of electric vehicles, plunged nearly 8% on Wednesday, performing worse than any other stock on the benchmark Hang Seng Index, after filings showed Warren Buffett's Berkshire Hathaway trimmed its stake in the company.

Berkshire sold 1.33 million shares in the automaker -- just under 1% of its holding -- for around 370 million Hong Kong dollars ($47 million) on Aug. 24, according to a BYD filing with the Hong Kong Stock Exchange on Tuesday. It still has roughly 219 million shares, or about 19.92% of the company's outstanding stock, down from an earlier 20.49% stake. 

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