Warren Buffett's Berkshire Hathaway further reduced its stake in Chinese electric carmaker BYD, a filing with the Hong Kong Stock Exchange showed on Monday.
The filing showed that Berkshire sold 1.3 million BYD shares listed in Hong Kong on June 11, cutting its stake in the company from 7.02% to 6.90%. The shares were sold for an average price of 230.46 Hong Kong dollars ($29.51), or a total of $310.5 million Hong Kong dollars ($39.8 million).
The move comes after the European Union announced plans to introduce tariffs on electric vehicles imported from China, including a 17.4% levy on BYD cars.