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BYD denies pullout by billionaire Buffet

09-26-2010 15:52 BJT

Billionaire Warren Buffett has no plan to sell his stakes in BYD, said a high executive from this fastest-growing major automaker in China.

"Buffet is coming to China next week at our invitation. Although a detailed schedule has not been designed yet, we are certain that there is nothing of the kind," said Wang Jianjun, deputy general manager of BYD Auto, on Sept. 26.

Buffett will pay a four-day visit to BYD's production bases in Beijing, Changsha, Shenzhen and other areas starting Sept. 27.

Buffett's Berkshire Hathaway Inc. spent 230 million U.S. dollars to acquire a 10 percent stake in BYD in 2008, and the stake is now worth nearly 1.6 billion U.S. dollars, about seven times the original purchase price. In addition, the market value of the stocks once reached as high as 2.5 billion U.S. dollars in October 2009.

BYD encountered a host of problems in 2010, including sliding sales and a delay in plans to export its electric cars.

It is reported that the company has acquired 18 percent of Zhabuye Lithium, which has mining rights in the country's biggest lithium mine, for about 30 million U.S. dollars. Other reports said the company plans to make electrical appliances, such as air conditioners and TVs.

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Editor:Xiong Qu |Source:

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