HONG KONG--(BUSINESS WIRE)--MidAmerican Energy Holdings Company, a Berkshire Hathaway Inc. (NYSE:BRKA) (NYSE:BRKB) subsidiary, today announced it has agreed to purchase 225 million shares, representing approximately a 10 percent interest, in BYD Company Limited (1211.hk). The investment is valued at 1.8 billion HK dollars, or approximately 230 million U.S. dollars. BYD’s corporate focus is researching, developing, manufacturing and selling rechargeable batteries (Li-ion, Nickel batteries), automobiles, electric automobiles and related products.
“We are thrilled to be partners with BYD and the people of China. Mr. Wang Chuanfu has an extraordinary managerial record, and we welcome the opportunity to work with him,” said Warren E. Buffett, chairman and CEO of Berkshire Hathaway Inc.
“MidAmerican is pleased to make an investment in BYD – a high-caliber organization, committed to making a dramatic environmental impact with their products,” said David Sokol, chairman of MidAmerican. “As worldwide discussions relating to global climate change and environmental respect continue, the technologies being developed by BYD will be an integral part of the future.”
“We are extremely pleased and grateful that Berkshire Hathaway and MidAmerican will be our long-term investor and partner, as we bring our electric vehicles and other environmental protection measures to the global space,” said Mr. Wang Chuanfu, chairman of BYD Company Limited.
A joint press conference will be held Sept. 29, 2008, 4 p.m., at the Four Seasons Hotel – Hong Kong, 8 Finance Street, Central, Hong Kong, China.
Mr. Sokol and Mr. Wang Chuanfu will be available to respond to questions from the media about the transaction.
About BYD Company Limited
Established in 1995, BYD Company Limited, a Hong Kong listed company since 2002, primarily engaged in IT components and automobile and auto parts manufacture. BYD has seven production bases in Guangdong, Beijing, Shanghai, and Xi’an with nearly 10 million square meters area and with offices in the United States, Europe, Japan, South Korea, India, Taiwan, Hong Kong and other regions. The company has 130,000 employees worldwide. Information about BYD is available at http://www.byd.com.cn.
About Berkshire Hathaway
Berkshire Hathaway, based in Omaha, Neb., and its subsidiaries engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, finance, manufacturing, retailing and services. Information about Berkshire Hathaway is available at http://www.berkshirehathaway.com.
About MidAmerican Energy Holdings Company
MidAmerican Energy Holdings Company, based in Des Moines, Iowa, is a global provider of energy services. Berkshire Hathaway owns 87.4 percent of MidAmerican. Through its energy-related business platforms, MidAmerican provides electric and natural gas service to more than 6.9 million customers worldwide. These business platforms are Pacific Power, Rocky Mountain Power and PacifiCorp Energy, which comprise PacifiCorp; MidAmerican Energy Company; CE Electric UK; Northern Natural Gas Company; Kern River Gas Transmission Company; and CalEnergy. Information about MidAmerican is available at www.midamerican.com.