(Reuters) – Berkshire Hathaway is happy with its investment in Chinese car maker BYD Co Ltd, despite product delays and declining sales, Berkshire’s vice chairman Charlie Munger said on Saturday.
Munger and Warren Buffett were asked at the company’s annual meeting whether they still considered BYD a good investment despite the company’s recent problems.
“I’m quite encouraged by what’s going on, and I expect delays and glitches,” said Munger. Buffett has said that Munger was the inspiration for Berkshire’s September 2008 purchase of nearly 10 percent of BYD.
BYD’s March sales were down more than 40 percent from a year earlier, and its entry into the U.S. market has been repeatedly delayed. Munger said such growing pains were natural given BYD’s aggressive growth plans
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