Sunday, September 28, 2008

Warren Buffett invests in Chinese electric car maker.

$230 million is sort of chump change for Warren Buffett, but it's interesting nonetheless. He also recently bought Constellation Energy Group, a US electric provider that got itself in a bit of a financial crunch.

MarketWatch: Buffett powers into electric cars, buying 10% of BYD.


MidAmerican Energy Holdings Co. said in a statement that it would buy 225 million shares of Shenzen-based BYD for HK$1.8 billion.

BYD's Website says the company's 130,000 workers produce information-technology products including nickel-cadmium and lithium-ion rechargeable batteries, mobile-phone displays, keypads and housings; laptop-computer keypads, and more.

On the vehicle side, the company produces electric cars, ranging from economy to luxury models, as well as car molds and car parts.

CNBC: Warren Buffett Invests In Chinese Company Developing 'Green' Cars.


BYD chairman Wang Chuanfu is quoted in the release as saying, "We are extremely pleased and grateful that Berkshire Hathaway and MidAmerican will be our long-term investor and partner, as we bring our electric vehicles and other environmental protection measures to the global space."