Date posted: 04-07-2009
OMAHA, Nebraska — Chinese automaker BYD will make a significant step into the U.S. auto market on May 2, when it shows off one of its electric cars at the annual meeting of Berkshire Hathaway. Warren Buffett, the billionaire CEO of the company, extended the invitation to BYD, to display a product at what has come to be known reverentially as the "Woodstock for capitalists."
Berkshire Hathaway does not specifically list BYD's appearance on the schedule of events on its rather comprehensive Web site (it informs shareholders of such minutiae as the locations of nearby Dairy Queens). However, the news was released by Xinhua, the official Chinese news agency.
It is not yet certain which of BYD's electric vehicles will be on display. Xinhua says it "could be [BYD's] F3DM or E6 model."
Buffett acquired a nearly 10 percent stake in BYD in 2008, said to be his first investment in a Chinese company. Buffett, who is known for his investing genius, is often described as "the oracle of Omaha."
BYD made an appearance at the 2009 Detroit Auto Show, displaying several vehicles.
Inside Line says: BYD gets its formal introduction to the heartland of America. Buffett appears to be betting that consumers who eat banana splits, frequent steakhouses and wear cowboy boots will be sold on the Chinese brand. — Anita Lienert, CorrespondentRelated Links
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