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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.
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If they can pull off a plug in for 20k there should be a huge demand for that. Assuming the American public will go for a Chinese car that is…
That is a very big assumption. I know a lot of people would never drive a chinese car. Personally I would not consider it.
Given that everything Buffet touches turns to gold this is a good sign for the EV car industry I’d say.
Looks like we have serious competition now! The Chinese can use mandates for EVs easily because its a communist country. They did it for CNG taxi cabs.
The comment above about not buying Chinese cars is laughable. The same thing was said about German, Japanese, Korean and French. Of all the silly reasons! You’re already buying Chinese products and don’t even know it. The American car companies for so long have been shooting themselves in the foot with high prices for poor quality. This is the result. Hopefully, Obama will have American companies retool so we don’t have to go to China. But if not, electric cars will have to come from somewhere.
this would be a very bad thing actually. Not buying Chinese-made products may be the 2nd most important thing you can do besides reducing the amount of fossil fuels you consume.