Warren Buffett's Chinese car company BYD Co. has been a success for the billionaire, but the company has suffered some setbacks recently and his profits have eroded, according to a Business Insider report.
According to a Bloomberg report, "BYD Co., the Chinese carmaker part- owned by billionaire Warren Buffett's Berkshire Hathaway Inc. [NYSE:BRK.A], 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."
SmarTrend is bullish on shares of Berkshire Hathaway and our subscribers were alerted to buy on June 17, 2010. The stock has risen 6.2% since the alert was issued.