• Oct 1st 2008 at 9:58AM
  • 7
Chinese battery manufacturer BYD can now be mentioned in the same breath as Goldman Sachs: both have recently been given the blue-chip imprimatur by U.S. billionaire investor Warren Buffet. The Oracle of Omaha's MidAmerican Energy Holdings has bought a 10-percent stake in BYD for $230 million.

BYD has big plans for its lithium-ion battery work and its automotive division. The company's automaking arm builds – or clones, depending on your viewpoint – cars that it intends to eventually export around the world, including America. Its ultimate aim is create its own cars that run on its own batteries, like the e6. Assuming that BYD gets the batteries to work, and then can sell them to other automakers, the company will have a huge competitive advantage. If it can sell its cars, that is.

Buffett's investment will help BYD achieve that, and should help Buffett make even more money. BYD says another planned use of that $230 million is to accelerate its move into the U.S. market, which was planned for 2010. When they finally do arrive, we'll see if Buffett has as much faith in their vehicles as he does in their batteries.

[Source: IHT]

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    • 1 Second Ago
      • 7 Years Ago
      Does he get one of those Chinese hotties as part of the deal?
        • 7 Years Ago
        Fuch...you beat me to it. I was gonna ask if the girl came with the car.
      • 7 Years Ago
      FYI: Buffett
      • 6 Years Ago
      Buffet is making big moves and is backing up what he's preaching. Warren knows what he's talking about and he keep's it simple. That's probably the most challenging thing to do is to keep investing simple and this is why he's at the top of his Game.
      • 7 Years Ago
      Now that's really a statement; an American entrepreneur investing in China brand cars rather than American brand cars.
        • 7 Years Ago
        I don't blame him either. Even though the Chinese companies have been ridiculed in the past months for their mistakes and cloning, they still show something that the domestics have clearly lost over the past 10+ years, which are clearly known as "potential and high determination to achieve success no matter what the costs are" rather than recycling, tweaking, and modifying tired old ideas.
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