Warren Buffett, who recently has made headlines in the U.S. for his investment in a beleaguered Goldman Sachs, is also showing his faith in Chinese innovation and renewable energy by investing in a Chinese electric car manufacturer. From Business Week:
Des Moines-based MidAmerican Energy, controlled by Buffett’s Berkshire Hathaway (BRKA), plans to pay about $231 million for a 10% stake in Chinese auto and battery maker BYD Co. which expects to roll out fully electric cars before the end of next year.
The deal represents Buffett’s first strategic investment in China and shows he’s betting on alternative energy in a major way. “I think the world has concluded we need to solve the CO2 problem,” says MidAmerican Chairman David Sokol. “One area we must seriously affect is transport.”
