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Warren Buffett Invests in Chinese BYD Company
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MidAmerican Energy Holdings Co, a subsidiary of Warren Buffett's Berkshire Hathaway Inc, said it would pay $US230 million for a 10 percent stake in Chinese rechargeable battery firm BYD Co Ltd, that’s developing electric-hybrid cars to be sold around the world.
The deal gives MidAmerican a foothold in the company which is developing electric-hybrid cars it expects to start selling in China later this year.The company has also plans to sell cheap hybrids and electric vehicles in the U.S., Israel and Europe by 2010.
BYD has said that their electric car could travel 300 km (190 miles) on a single charge. A full charge needs nine hours using its lithium-ion batteries, although they could be charged to 80 percent capacity in 15 minutes. BYD says that the battery pack can be recharged about 2,000 times, sufficient for seven to 10 years of operation.
“We are thrilled to be partners with BYD and the people of China. Mr. Wang Chuanfu has an extraordinary managerial record, and we welcome the opportunity to work with him,” said Warren E. Buffett, chairman and CEO of Berkshire Hathaway Inc.
“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,” said Mr. Wang Chuanfu, chairman of BYD Company Limited.
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Tax Rebate
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16 April, 2012 05:51:01
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