Less than a year ago, the American holding company Berkshire Hathaway Inc., led by world-renowned investor and one of the richest people in the world Warren Buffett, has announced the acquisition of a 10% stake in the concern BYD Auto Co. The cost of purchase was about $ 230 million After the September 27, BYD, and Berkshire Hathaway Inc. announced the transaction, shares of companies listed in Hong Kong went up five times. Thus Buffett was able to earn on securities $ 1 billion, reports Bloomberg.

company MidAmerican Energy Holdings Co., a unit Berkshire Hathaway Inc., agreed to buy another 225 million shares in BYD for HK $ 8. Buffett will pay for the transaction of $ 1.8 billion According to Bloomberg, BYD announced the completion of the transaction last night.

BYD Auto - manufacturer of motor vehicles, located in the city of Shenzhen. BYD Auto is a subsidiary of the firm BYD Company Ltd, the largest battery manufacturers in China for mobile phones. In 2003 the company bought bankrupt auto manufacturer Qingchuan (Sichuan), the license to manufacture cars that made it possible to invest in new activity.

Recall that in December last year, BYD Auto put on the market F3DM - the first Chinese car with a hybrid power plant. At a price of $ 21.2 thousand cars can drive only on the stored electrical energy of 100 km. Once the charge is included 1.0-liter gasoline engine. Chinese automakers at least a year ahead of all similar projects in the world. Already in the second half of 2010 will be a hybrid to the U.S. market.

previously reported that the Chinese Government is ready to support the promotion of electric vehicles by subsidizing research and development, as well as the introduction of tax incentives for buyers and other measures to stimulate demand. The Government is also ready with the construction of stations to recharge the batteries and other necessary infrastructure. The size of the anticipated cost is not called. Plans BYD - selling 10 thousand electric F3DM in 2009.

Similar

develop electric vehicles General Motors and Toyota Motor. Toyota plans to submit its version earlier than the end of 2009.

Currently Concern BYD Auto Co is developing a model car that is completely on an electric security. According to the company's management is scheduled to release its third-fourth quarter of 2009.