Buffett owns more of Chinese electric car maker BYD than General Motors

Chinese battery and electric motor vehicle maker BYD exhibits off a design of its Han EV sequence at the 2020 Beijing auto exhibit.

Evelyn Cheng | CNBC

BEIJING — Warren Buffett’s Berkshire Hathaway conglomerate has a much larger stake in Chinese electric automaker BYD than it does of General Motors, according to a letter to shareholders.

Berkshire Hathaway holds an 8.2% stake in Hong-Kong detailed BYD and is the firm’s eighth-largest keeping by industry worth as of Dec. 31, according to the letter which was produced on Saturday.

In distinction, the organization held 3.7% of Normal Motors, the 15th-most significant holding.

Shares of BYD are up much more than 300% over the past 12 months. Those of GM have climbed 65% through the identical time interval.

A Berkshire Hathaway unit initial invested in battery and electric powered motor vehicle business BYD in 2008.

The Shenzhen-based business has develop into a key automaker in the world’s most significant car or truck current market, and marketed more than 130,000 pure-electric powered passenger cars very last calendar year. That’s considerably much more than start out-up electric powered car or truck rivals like Nio, which delivered just more than 43,700 cars very last yr.

In January, GM became the hottest traditional automaker to speed up its thrust into electrical motor vehicles by asserting a intention to finish creation of all diesel- and gasoline-powered autos, trucks and SUVs by 2035.

That follows the American car maker’s announcement in November that it would maximize paying out by $7 billion on electric automobile improvement. The plan’s new total of $27 billion will go toward the scheduled release of 30 new electrical cars globally.

— CNBC’s Michael Wayland contributed to this report.