BYD was recognized by Munger in 2008 when Berkshire Hathaway became a significant shareholder in the company, the company said.
(Image credit: BYD)
BYD posted a tribute to Charlie Munger, the Berkshire Hathaway vice chairman who was key to the Chinese new energy vehicle (NEV) maker's backing by Warren Buffett more than a decade ago.
"On November 28, we sadly lost a mentor and dear friend, Mr. Charlie Munger, a legendary and wise centenarian, a symbol of wisdom and vision," BYD wrote on Weibo today.
Munger passed away at the age of 99 on November 28, local time, at a hospital in California.
Born in Omaha, Nebraska, on January 1, 1924, Munger and Buffett to create an outstanding investment record over the past 46 years.
BYD was recognized by Munger in 2008 when Berkshire Hathaway became a significant shareholder in the company, it said.
"That was the first time the company has been recognized by a top-tier international investment institution, injecting strong confidence and motivation for us to remain committed to the NEV industry," BYD said.
Below is the full text of BYD's tribute, translated by CnEVPost:
On November 28, we sadly lost a mentor and dear friend, Mr. Charlie Munger, a legendary and wise centenarian, a symbol of wisdom and vision.
Mr. Charlie Munger was one of the greatest investors of our time, setting a monumental benchmark for the investment community.
He is also a generous philanthropist who has made outstanding contributions in the fields of education, healthcare, culture and scientific research.
Mr. Munger has always been a firm believer in the Chinese market, and in 2008, we were fortunate to receive his endorsement when Berkshire Hathaway became a significant shareholder of the Company.
That was the first time the company has been recognized by a top-tier international investment institution, injecting strong confidence and motivation for us to remain committed to the NEV industry.
We pay our deepest respect to Mr. Munger, whose wisdom and spirit will live on in our hearts.
On September 29, 2008, Berkshire Hathaway Energy, in which Berkshire holds a 91.1 percent stake, spent $230 million to purchase 225 million shares of BYD at a price of HK$8 per share. That was Berkshire's first investment in BYD.
After that, Berkshire's holdings in BYD were unchanged until last year.
On August 24, 2022, Berkshire sold 1.33 million BYD shares traded in Hong Kong, letting its stake drop from 20.04 percent to 19.92 percent, the first reduction since the company bought BYD shares.
Since last August, Berkshire has been consistently reducing its holdings in BYD, last on October 25 this year, bringing the percentage of BYD shares it owns down to 7.98 percent, according to the Hong Kong Stock Exchange.
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