BYD Says Buffett Not Cutting Stake in Company

BYD, Warren Buffett backed Chinese automaker, said on recently that Berkshire Hathaway and Warren Buffett has no intention of presently selling any shares in the company.

They also said that they were not aware of a substantial sale of shares by Warren Buffett, who currently owns 225 million Hong Kong shares in the business.

This statement comes from the Chinese electric carmaker after shares in Hong Kong dropped by 47%, before closing down 29% a few weeks ago.

The company says that the operations of the business are still strong and that the company did not suffer any substantial losses with foreign exchange the spite the ruble being weaker in Russia. As far as Russian exports are concerned, the products exported are worth less than $1 million United States, and the transactions are in US dollars, not rubles, said the carmaker.

The company also said that the electric vehicle business is operating at its normal pace and there weren’t any substantial decreases in orders for electric buses.

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