The first widely released plug in electric car went on sale today in China. The BYD F3DM was officially presented in a ceremony in Shenzhen. The car retails for 149,800 yuan which is equivalent to $22,000 US dollars. BYD is the company that Warren Buffett invested heavily in this year. In addition to producing the cars, BYD also China’s biggest producer of battery and battery technology. The car is expected to be available in the US and Europe in 2010.

The range of the F3DM is 62 miles on full electric and also has a small gas powered range extender than kicks in after that. The battery can be fully charged in 7 hours, as well as a 50% quick charge in only 10 minutes from specialty charging station.

The number one investor and sometimes richest man in the world is betting on the future of alternative fueled cars, and that bet is electric. His company Berkshire Hathaway, has purchased a 10% stake ($231 million) in the Chinese company BYD.

BYD is important because they recently shook up the electric car race by introducing a plug in electric car called the F6DM that will be available in China this fall, and which they claim will be exported to the US in 2010. The price of the car is expected to be only $20,000, which would undercut almost every planned plug in electric and most hybrids. They are also heavily into the development of the lithium ion batteries that are vital to all electric and hybrid vehicles

With the backing of Buffet, this adds a real sense of legitimacy to the Chinese company and their ability to deliver a real plug in electric vehicle to the US market at an affordable price.