Billionaire Warren Buffett’s investment arm Berkshire Hathaway Inc. raised its stake in General Motors by 60% to 40 million shares, The Detroit News reported, citing the conglomerate’s filing.

That brings Berkshire Hathaway’s holdings to 2.9% of outstanding GM stock, the newspaper reported.

The company initially purchased 10 million shares in 2012, when the stock was trading in the low $20-per-share price. It closed Aug. 15 at $34.55, down $1.02. At current prices, the stake is worth more than $1.38 billion.

Buffett acquired the new shares in GM in the three months ending June 30.

Talking with reporters in Detroit, Mich., GM North America President Mark Reuss said that “Berkshire’s stock purchase is a positive boost for the company.”

“We work really hard every day to do the right things and make the right cars that people want to buy. When someone does something like that it makes us all feel we’re on the right track…,” he said. “Frankly, it’s been a tough four years coming out the financial crisis we were in and a little bit of validation here and there is OK. But we’ve got a lot of work to do, and we’ve got to keep our heads down here and keep it going.”

Source: The Detroit News

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