Chinese electric-car maker BYD Co. Ltd. (1211.HK), which is
backed by investor Warren Buffett, Friday said Mr. Buffett's
Berkshire Hathaway Inc. (BRKA) has no present intention to cut its
stake in the company.
BYD also said it wasn't aware of a substantial share sale by Mr.
Buffett, who holds 225 million H shares in the company.
The car maker's statement comes a day after its Hong Kong-traded
shares plunged as much as 47%.
BYD said its business operations remain normal and that it
hasn't incurred substantial foreign exchange losses despite the
weaker Russian ruble. The value of the company's products exported
to Russia is less than US$1 million, and those transactions are in
U.S. dollars, the car maker said.
The company added that its electric-vehicle business was
operating normally and customer orders for electric buses haven't
substantially decreased.
BYD's Hong Kong-traded shares regained some ground later on
Thursday to close down 29% at 25.05 Hong Kong dollars
(US$3.23).
Write to Chester Yung at chester.yung@wsj.com
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