A subsidiary of Warren Buffett's Berkshire Hathaway is making a $230 million investment in a Chinese battery company that's developing environmentally-friendly cars to be sold around the world.
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."
As is the custom in this sort of announcement, Buffett returns the compliment. "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."
MidAmerican Chairman David Sokol calls BYD's technologies "an integral part of the future."
Reuters saysBYD is working on electric-hybrid cars that it plans to sell in China starting later this year, and in Europe by 2010.