By Bryan Walsh, TIME Magazine
BYD is far from perfect — a concept car it revealed at the Paris auto show this year had its tires mounted backwards — but it received a boost last fall when American financial wizard Warren Buffett bought 10% of the company for $230 million, a stake that is now worth at least four times as much. “BYD is obviously way ahead of everyone,” says Jack Perkowski, a Beijing-based businessman who has worked as an executive in the Chinese auto industry. “It has a core competency in the fundamental technology you need for electrics.”
The same thinking lies behind Coda Automotive. The joint venture began after Lishen started producing electric batteries for Miles Electric Vehicles, a small-scale startup founded by former Ralph Lauren executive and philanthropist Miles Rubin.
Read more: http://www.time.com/time/magazine/article/0,9171,1917647-2,00.html#ixzz0yysV9ThB
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