BYD has been a big winner for Warren Buffett, but the Chinese car company has suffered setbacks, and his profits have eroded.
And this doesn’t sound good.
BYD Co., the Chinese carmaker part- owned by billionaire Warren Buffett’s Berkshire Hathaway Inc., was fined and ordered to surrender seven factories after a dispute over land use in central China.
BYD received a 2.95 million yuan ($442,000) fine and will have the factories in Xi’an, Shaanxi confiscated, according to a statement posted today on the Ministry of Land and Resources website.
The company claims it won’t end up having an effect on its operation, which seems implausible. Shares fell 2.1% in Hong Kong.