Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021March 2021
1234
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
News Every Day |

Warren Buffett's Berkshire Hathaway has quietly racked up a $6 billion gain on its GM and BYD bets

warren buffett
Warren Buffett.

Warren Buffett is a surprise winner in the electric-vehicle revolution.

Berkshire Hathaway owns stakes in General Motors and Chinese automaker BYD.

Buffett's company has scored a $6 billion gain on the two stocks in less than five months.

Visit Business Insider's homepage for more stories.


Warren Buffett's Berkshire Hathaway is often associated with insurance, railroads, and other humdrum industries. However, the famed investor's conglomerate is quietly cashing in on one of the hottest sectors around: electric vehicles.

Buffett's company has notched a $6 billion gain on its General Motors and BYD bets in the past five months alone, as shares in the US and Chinese automakers have surged to record highs.

Read More: Barclays says buy these 33 beaten-down stocks that are perfectly poised to capitalize on the reopening of the economy in the years ahead

The investor enthusiasm reflects GM's plans to roll out 30 new electric vehicles worldwide by 2025, and BYD's rapid growth and status as the world's largest electric-vehicle manufacturer.

Berkshire first invested in GM in 2012, then gradually grew its position to 80 million shares worth $2.4 billion as of September 30 last year.

The automaker's shares have soared more than 125% since then, boosting the value of Berkshire's stake to $4.3 billion as of Thursday's close, assuming the size of its holding hasn't changed.

Buffett and his team bet on BYD even earlier, snapping up 225 million shares at a cost of around $1 per share in 2008. BYD's Hong Kong-listed shares now change hands at the equivalent of $34 each, valuing Berkshire's position at $7.8 billion today.

Read More: Bank of America shares 9 stocks to buy as the pandemic prompts consumers to shift their spending habits towards 'solitary leisure' activities like golf and biking

The Chinese carmaker's stock price was under $16 at the end of September, meaning Berkshire's stake has jumped in value by $4.2 billion, or almost 120% since then.

Combine the $1.9 billion gain on GM with the $4.2 billion gain on BYD, and Berkshire has racked up about $6.1 billion in unrealized gains on those two stakes in under five months.

Buffett has been criticized for not investing in high-flying technology stocks such as Amazon and Alphabet over the past decade. Between Berkshire's massive Apple stake and its exposure to the electric-vehicle revolution via GM and BYD, the investor won't be too worried.

Read the original article on Business Insider




Read also

‘I just saw a UFO’: Browns QB Baker Mayfield says he had a strange encounter

Myanmar coup: Funeral of pro-democracy demonstrator taking place

Cruising Association welcomes red diesel decision




News, articles, comments, with a minute-by-minute update, now on Today24.pro



Today24.pro — latest news 24/7. You can add your news instantly now — here
News Every Day

Hearn: Canelo was 30% what he is now against Mayweather, talks Top Rank feud