If you previously used a social network to login to WRAL.com, click the “Forgot your password” link to reset your password.
1 injured in Raleigh shooting that stemmed from gas station fight, police say
Pace of hiring slowed in August but the job market is still strong
Long lines stretch across RDU Airport during busiest travel day of Labor Day weekend
Tracking the tropics: Danielle becomes first Atlantic Hurricane of the season, not expected to impact NC
High temps to reach near 90 degrees on Labor Day weekend, chance of showers
Apple is making major changes, additions to its Weather app
Johnston County Schools celebrate improved test scores
Number of low-performing schools in North Carolina is rising
Wake County Sheriff's Office staff shake-up impacts K-9 unit
No. 13 NC State, FSU face tough games in ACC's Week 1 slate
Giglio: Defense matters to NC State, not old losses
Willow Spring wins first varsity football game, beats Seaforth 49-0
Pace of hiring slowed in August but the job market is still strong
Market analysis: Triangle housing market no longer favors sellers
Triangle housing boom is over as price appreciation slows, days to sell increase
ABDULLAH ANTEPLI & REBECCA FISHMAN: A year later, we must honor our commitments to our Afghan allies
Editorial: N.C. high court must stand with school children and uphold the state Constitution
MICHAEL WALDRUM: Rural communities need Medicaid expansion now
Restaurant Ratings: Saigon Bistro and La Cocina
Flying this holiday weekend? You could get freebies if your flight is delayed
Big discounts are coming this holiday season
Doctor says honey helped 3-year-old who swallowed small battery
Ultraprocessed foods linked to cancer and early death, studies find
$3 movie tickets: Theaters slashing prices for National Cinema Day
Weekend best bets: Festivals, food trucks and more fun
Foodie news: All day cafe and beer bar to open in Durham
Activate Good hosts weekend of 9/11 service projects
Prepare for extra traffic, delays during Labor Day weekend
One person dead after shooting by Fayetteville police officer. Mark Boyle explains when police will release more info on FOX 50 at 10. — One person is dead after a Friday night shooting involving a Fayetteville police officer. Police said an officer shot a person after a call went out at 7:39 p.m. Friday at Hickory View Court near Cross Pointe Drive. more
Football game involving a Durham high school called at halftime due to off-field altercation — The annual non-conference rivalry game between the Dudley Panthers and Hillside Hornets was called at halftime due to an altercation outside the stadium in Greensboro. more
Published: 2022-08-30 19:13:49 Updated: 2022-08-30 19:15:41
Posted August 30, 2022 7:13 p.m. EDT Updated August 30, 2022 7:15 p.m. EDT
By JOSH FUNK, AP Business Writer
OMAHA, Neb. — Warren Buffett's company has trimmed its stake in Chinese electric car and battery maker BYD for the first time since it bought the shares in 2008, an investment that has soared in value.
Berkshire Hathaway said in a regulatory filing Tuesday with the Hong Kong stock exchange that it had sold 1.33 million of its BYD shares for roughly $47 million ($368.8 million Hong Kong dollars).
Berkshire paid $232 million for the 225 million BYD shares it bought in 2008. By the end of last year, the value of those shares had ballooned to nearly $7.7 billion. The success of the BYD investment is one example of why so many investors follow Buffett's moves closely because he has a remarkably successful track record over the decades.
BYD said in an earnings report this week that sales of its vehicles continued to climb in the first half of this year and help it increase market share, even as auto sales slowed in its home market of China. BYD said its revenue jumped nearly 66% in the first half of this year thanks to the rapid growth in its electric vehicle sales, and its net income more than tripled to $520 million (3.6 billion yuan).
Berkshire said it owned about 7.7% of BYD before the latest stock sales, and that figure won't change much after the sales. Berkshire said its holdings of the Hong Kong-issued shares of BYD dipped slightly from 20.49% to 19.92%.
In the past, Buffett and Berkshire Vice Chairman Charlie Munger have heaped praise on BYD Chairman and founder Wang Chanfu and said they were investing in him even more than in BYD's technology. Munger has said that Wang managed to accomplish several feats that seemed impossible at the time, including taking one-third of the lithium battery market away from Japanese manufacturers by 2010.
Buffett even took the rare step of visiting a BYD factory in China in 2010 to demonstrate his support for the company. Hdidn’t immediately respond Tuesday to questions about the BYD stock sale.
Besides investments, Buffett’s Omaha, Nebraska-based conglomerate also owns more than 90 companies outright including Geico insurance, BNSF railroad, several major utilities and an eclectic assortment of retail and manufacturing companies such as Dairy Queen, Helzberg Diamonds and Precision Castparts.
Copyright 2022 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
©2022 Capitol Broadcasting Company, Inc.