Chinese automaker BYD (Build Your Dreams) is looking to finalize plans to sell an all-electric car in the United States by next year. According to Chairman Wang Chuanfu, BYD, which is part-owed by Warren Buffet, plans to use money from a new-share sale in China to help pay for its entry into North America.
The sale of new shares will also help install a second production line for lithium-ion batteries near BYD’s Shenzhen headquarters, reports The Wall Street Journal. BYD also has an agreement with Volkswagen on a possible cooperation to develop hybrid cars and lithium-ion battery powered electric vehicles.
Earlier this month, Warren Buffet’s Berkshire Hathaway Inc. said that it earned a $1 billion profit from an investment made less than a year ago in BYD.
– By: Omar Rana
Source: WSJ (via AllCarsElectric)