BYD Company Limited (1211.HK), a battery and electric vehicle maker in China, has secured 10 European distributors for its plug-in hybrid vehicle, according to a Reuters report.
BYD recently benefitted from a 10% equity purchase by Warren Buffet’s MidAmerican Energy Holdings Company–a subsidiary of Berkshire Hathaway Inc. (NYSE: BRKA).
BYD said it will introduce the hybrid in Europe in 2010, where it hopes the vehicle will be a hit with fleet buyers, like Deutsche Post AG’s delivery arm DHL Express, which reportedly has expressed interest.
The company said it is also looking to enter the U.S. market, and is scheduling the release of its first all-electric car, the E6, in China for the second half of 2009.
BYD’s stock shares have gained 57% since mid-September, when MidAmerican Energy Holdings Co annonced it would pay $230 million for its stake in the company.
Since the start of the year BYD is down only 2.8%, according to Reuters, compared with a 55% decline for Hong Kong’s benchmark Hang Seng Index.
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