Warren Buffett’s firm Berkshire Hathaway now holds an 8.2 percent stake in Chinese electric car firm BYD, a rival to Tesla. The report to investors said Berkshire Hathway now owns 225million shares in the Chinese company which equates to $232million.
The business is now Berkshire Hathaway’s fourth-largest investment below Apple, Coca Cola and the Bank of America.
Shares of the Chinese electric car firm have risen by more than 300 percent over the past 12 months compared to GM’s 65 percent rise.
The investor holds just a 3.7 percent share in GM which is the 125th largest holding in his portfolio.
BYD sold more than 130,000 electric cars last year in figures almost triple that of electric start-up rival Nio who sold just 43,700 models last year.
READ MORE: Chinese firm backed by Warren Buffett outsells electric car rivals
Sales were up more than 183 percent from a year ago with over 9,000 of these sales came directly from the Han EV.
General Motors has confirmed it will accelerate its move into electric vehicles over the coming years in a counter move to the new EV firms.
They plan to end the production of petrol and diesel cars, SUVs and trucks in the US by 2035.
Last year, BYD confirmed it has plans to move into the European market but there has been no official word on UK sales.
Plug in vehicle sales were also up by 91.2 percent as demand for petrol and diesel cars tanked.
Petrol sales dropped by 29 percent last year with diesel dropping by 55 percent as drivers switched to the new cars.
Electric vehicles are set to surge in the next decade with petrol and diesel car sales banned in the UK from 2030.