Sunday, July 14, 2024

World-renowned investor sells out of BYD to buy oil

The world-renowned investor Warren Buffett, via his investment company, has reduced his stake in BYD in order to release funds for investments in an oil company.

The world-renowned investor Warren Buffett is probably 93 years old. But there is still a bright head on the elderly American.

Most recently, he has announced via his investment company Berkshire Hathaway that he is reducing his stake in Chinese BYD. Buffet has owned up to 20.5 percent of the brand.

CNN writes that.

Buffett is reducing his involvement in the company immediately after the EU imposed a punitive tariff of up to 38 percent on electric cars from China. Read more about it here .

Warren Buffet's right-hand man, the now-deceased Charlie Munger, has previously described precisely BYD as the 'best investment ever'. Primarily because the brand 'is so far ahead of Tesla in China that 'it's almost ridiculous'.

READ ALSO: Tesla owner exposed by ex-wife – must pay DKK 700,000

On Tuesday this week, it emerged that Buffett, via the investment company, has bought up the American oil company Occidental Petroleum instead of BYD shares.

An investment which secures the 93-year-old American 29 percent of the company. However, it is far from being Buffett's first investment in the energy sector. In the oil industry alone, he owns shares in the oil giant Chevron and his own Berkshire Energy.

However, Warren Buffett is not completely out of BYD country. The man known for a diet of ice cream and Coke still owns 6.9 percent of the world's second-largest electric car maker.

At home, the Danish BYD importer Nic can. Christiansen notes that in the first quarter of 2024 there were 714 registrations. Among other things. because the brand has won several municipal tenders for cars for home care.

However, even the same importer is not sure that all Chinese car brands will survive in Denmark. Read more about it here .

Read more exciting news from and about the world of cars right here!

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