MidAmerican and Berkshire Hathaway Announce Investment in BYD Company Limited Joint press conference -- Sept. 29, 2008, 4 p.m., at the Four Seasons Hotel -- Hong Kong, 8 Finance Street, Central, Hong Kong, China
HONG KONG, Sep 26, 2008 (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
"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
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
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.
SOURCE: MidAmerican Energy Holdings Company
MidAmerican Energy Holdings Company
Sandra Mak, +852-90202703
JINZHOU CITY, China, Dec 29, 2008 /PRNewswire-Asia-FirstCall via COMTEX/ -- Wonder Auto Technology, Inc. (WATG) ("Wonder Auto" or the "Company"), a leading manufacturer of automotive electrical parts, suspension products and engine accessories in China, today announced that one of its subsidiaries, Jinzhou Halla Electrical Equipment Co., Ltd ("Jinzhou Halla"), has entered into development agreements with Shenzhen BYD Auto Company Limited ("Shenzhen BYD"). According to the development agreements, Jinzhou Halla will sign and develop starter and alternator prototypes for Shenzhen BYD, and sample deliveries will commence in March 2009 for road testing.
Shenzhen BYD is a sub-company affiliated to BYD Company Limited ("BYD"), a public company listed in Hong Kong stock exchange, and a leading car manufacturer in China. BYD's auto products include high-end, medium-end, and low-end cars and new energy vehicles such as Dual-Mode (a solely electric vehicle system and a hybrid power system) and pure electric cars.
"We believe BYD will play an important role in the future development of the automotive industry in China, especially in new alternative energy vehicles," Mr. Qingjie Zhao, chairman and CEO of Wonder Auto Technology, Inc. stated, "We are confident we will expand our customer base with such famous brand names as BYD even under the current recession, which will help maintain our sales growth momentum in the coming years."