Warren Buffett to CNBC: Decision to Buy More BYD Shares "Would Depend on Price"
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Warren Buffett tells CNBC that any decision by Berkshire Hathaway to buy a bigger stake in China's BYD "would depend on the price."
He made the comment in an airborne interview with CNBC's Becky Quick, who is traveling in China with Buffett, Bill Gates, and a delegation of Berkshire officials.
Buffett has also made it clear that Berkshire wouldn't try to increase its current 10 percent stake in the electric car maker without the support of BYD's management.
Reuters says China Business News is reporting that Buffett met with BYD officials in private last night, and a "major topic" was the possibility of Berkshire raising its stake.
Buffett also reportedly told China's CCTV that he would "probably hold BYD stakes 10 years from now."
Those reports, and Buffett's public endorsements, are helping to dispel speculation Buffett had come to China to reduce his stake in BYD now that the stock is off its highs of the year, amid forecasts of lower sales and sliding market share. There have also been delays in BYD's plans to export electric cars to the United States.
BYD is rallying today in New York trading. After an hour of trading, the ADRs are up 3.6% to $77. The 52-week high: $112.
Current price:
Berkshire's initial 2008 investmentof $230 million in BYD is now worth almost $1.5 billion.
Buffett and his traveling companions are expressing great optimism and enthusiasm for BYD, appearing at a number of events to promote the car company and its products.
Current Berkshire stock prices:
