Warren Buffett Still Likes BYDWarren Buffett is currently in China visiting, amongst other things, the Chinese battery and auto maker BYD (which apparently stands for Build Your Dreams) that Mr Buffett invested in two years ago. There were rumors last week arising from Reuters that Buffett was not too pleased with the way things were going and that he was considering selling some of his stake in BYD. Buffett invested $230 million in BYD and currently his stake is valued at $1.6 billion, which is not bad for a 2 year investment, but as we all know Warren Buffett thinks the best length of time to hold an investment is 'forever'.
|BYD E6 Electric Car|
Buffett said BYD was a "young and energetic" company, and added that he was "amazed" by the performance of the BYD E6 electric car.
BYD has organized a big media drive to coincide with Warren Buffett's visit along with a number of events that to showcase the company's advanced electric vehicle technology.
MidAmerican Energy Holdings Co., a unit Berkshire Hathaway, bought its stake in BYD in 2008 for $230 million. It owns about 9.89% of BYD.
BYD, which has been suffering from falling sales in China, is also China's largest producer of batteries for cell phones and other electronic goods, and has started to branching out into systems for energy storage that can be used by power utilities to balance solar and wind energy supply and demand.
Further reading - tax the rich says Warren Buffett - Warren Buffett Tax
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