Buffett Says China Carmaker BYD 'Right Choice for Me'

Sept. 27, 2010
He described BYD as a 'young and energetic' company, and said he was 'amazed' by the performance of its E6 electric car.

Billionaire investor Warren Buffett said on Sept. 27 that Chinese battery and auto maker BYD was the "right choice for me", two years after his Berkshire Hathaway bought a stake in the firm.

"BYD is the right choice of me, and I hope it's the right choice for you too," Buffett told hundreds of BYD car dealers at a company event in the southern industrial city of Shenzhen, Dow Jones Newswires reported.

Buffett described BYD as a "young and energetic" company, and said he was "amazed" by the performance of its E6 electric car.

In August, BYD chairman Wang Chuanfu said the company was on track to launch its electric car in the U.S. market later this year, while the firm is also studying launching home-appliance products.

BYD organized a number of events that started Monday in three Chinese cities intended to showcase the company's advanced electric vehicle technology along with the launch of several new projects, in a major media drive that coincides with Buffett's visit, Dow Jones said.

MidAmerican Energy Holdings Co., a unit Berkshire Hathaway, bought its stake in BYD in 2008 for $230 million. It owns about 9.89% of BYD.

In August, BYD said it hoped to list on the Shenzhen Stock Exchange in the second half of the year, after delaying earlier plans for a mainland listing.

The company has said it plans to offer up to 100 million A shares to raise 2.85 billion yuan (US$425 million.)

Copyright Agence France-Presse, 2010

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