BYD showcases clean car tech for Warren Buffett
China's BYD rolled out the welcome mat for billionaire investor and backer Warren Buffett, flying him to its south China base on Monday for a series of events to showcase its clean car initiatives.
Buffett's Berkshire Hathaway has profited handsomely from a 10 percent stake it owns in BYD, which has jumped nearly seven times in value since Buffett purchased it for $230 million in 2008.
BYD invited Buffett to Shenzhen for a signing ceremony that will see the company build an energy storage power station with China Southern Power Grid, the official Xinhua news agency reported.
Buffett, the world's third richest man with a fortune estimated by Forbes at $47 billion, will also witness the market debut of BYD's F3DM electric hybrid car nationwide, Xinhua said citing a BYD spokesman.
Reuters could not attend the event due to restricted access.
Buffett, who arrived in Shenzhen on a jet chartered by BYD, will also attend a ceremony to mark BYD's sales of its 1 millionth car, according to the China-based Phoenix net website, adding that BYD had spent several million yuan to bring Buffett to visit its China headquarters.
Buffett is scheduled to visit BYD's plants in Shenzhen and the city of Huizhou on Tuesday, followed by a trip to Beijing where he will co-host a charity banquet with Microsoft founder Bill Gates to meet about 50 wealthy Chinese to share ideas about philanthropy, according to Xinhua.
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