Since Warren Buffet’s Berkshire Hathaway invested in BYD, a battery and electric car producer in China, I have anticipated their entry into the U.S. market. As published previously the F3DM, a VOLT type of hybrid, was going to be the first car that they offered in the U.S. Today’s announcement contradicted the previous statement saying, the Chinese automaker will be bringing the e6 all electric car to the U.S. first.
The e6 has a curb weight of 4453lbs, seats 5, with a range of 249miles. It recharges on a regular household current of 220v/10a in about 9 hours. The battery pack is Fe type which is believed to be a lithium iron phosphate formulation that costs half of what typical lithium ion batteries cost.
The Chinese Portal Gasgoo is reporting that BYD will choose a specific region within the U.S. and initially market “a few hundred” at slightly higher than $40,000. The target customers will be government and utilities. One source of Mr. Wang’s, BYD’s Presidents, confidence in bringing the car to the U.S. car market is BYD’s ties with MidAmerican Energy Holding Co., the unit of Mr. Buffett’s Berkshire Hathaway Inc. that paid about $230 million for a 9.9% stake in BYD.
On top of the boost that Mid Atlantic is supplying; BYD plans to sell 100 million new shares in mainland China, this could help raise $500 million.