Global Times - BYD helps Buffett earn $1 billion

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BYD helps Buffett earn $1 billion

Source: Global Times
[11:06 July 31 2009]
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Warren Buffett's Berkshire Hathaway Inc earned $1 billion in profit from its investment in BYD Co less than a year ago.

Berkshire's MidAmerican Energy Holdings Co unit will buy 225 million new shares of BYD for HK$8 apiece. Based on yesterday's closing price, Berkshire will spend HK$1.8 billion.

"When Warren Buffett says the sun shines out of somebody's backside, it's worth paying attention," Guy Spier who owns Berkshire shares and has researched BYD told Bloomberg.

Helped by demand for the F3, BYD sold 176,814 units in the first half of 2009, and it aims to more than double sales this year to 400,000 units.

Agencies and Shi Jierui contributed to this story