Chairman of Berkshire Hathaway Inc. and well known American investor Warren Buffett has made another move in the alternative powered automotive circle. MidAmerican Energy Holdings Co., a subsidiary of Berkshire Hathaway, announced it will purchase 10% of BYD Co. for $230 million.
Chinese BYD produces rechargeable batteries, electric cars, and car parts. As Buffett is highly revered in the investment community, this could indicate his confidence and push for more investments in the electric automotive sector.
This announcement also comes as General Motors is about to release its electric car, dubbed the Volt, set to roll out in November 2010. In addition, the US Congress approved $25 billion in loans for automakers that even has others, like Chrysler, coming out with their own electricity-powered vehicles.