The BYD Story GuruFocus com

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BYD e6 Electric Cars

The BYD Story

I invested in BYD about a and a half ago. Since I’ve been trying to everything I can about the company and founder Wang Chuanfu. is my investment write up of BYD:

Chuanfu has been called the Edison of our time combined the Bill Gates of China by Buffett. Charlie Munger it’s the best company in the and the most amazing company ever seen.

At the same BYD is trading for $17 billion and should around $1 billion in earnings year. It’s trading for 12 times next year’s BYD already produces the number one car in

All the upside of their electric and solar panels are priced in for

“It’s our company’s long-term to be China’s No. 1 automaker by 2015 and to be the leading car maker by 2025,” Wang Chuanfu

Wang started BYD (the letters are the of the company’s Chinese name) in in Shenzhen, China. A chemist and researcher, Wang raised $300,000 from relatives, about 2,000 square of space, and set out to manufacture rechargeable to compete with imports Sony and Sanyo. By about BYD had become one of the world’s largest of cellphone batteries.

The company on to design and manufacture mobile-phone and parts for Motorola (MOT, 500), Nokia (NOK), Ericsson, and Samsung.

Wang the automobile business in 2003 by a Chinese state-owned car company was all but defunct. He knew very about making cars but to be a quick study. In October a BYD called the F3 became the bestselling in China, topping well-known like the Volkswagen Jetta and (TM) Corolla.


Wang Chuanfu has been the Thomas Edison of our time with the Bill Gates of

This guy, Munger Fortune, is a combination of Thomas and Jack Welch — like Edison in solving problems, and something like in getting done what he to do. I have never seen like it. But Buffett and Munger and think it is a very big deal

They think BYD has a shot at the world’s largest automaker, by selling electric cars, as as a leader in the fast-growing solar industry.

One more thing him. Berkshire Hathaway tried to buy 25% of BYD, but Wang down the offer. He wanted to be in with Buffett — to his brand and open doors in the he says — but he would not let go of than 10% of BYD’s stock. was a man who didn’t want to sell his Buffett says.

That was a sign.

Wang typically until 11 p.m. or midnight, or six days a week. In China, of my generation put work first and second, says the CEO, wife takes responsibility for their two children.

As for accumulating I’m not interested in it, he claims. He doesn’t live a very lifestyle. He was paid about in 2008, and he lives in a BYD-owned complex with other

His only indulgences are a Mercedes and a and they have a practical He takes their engines to see how they work. On a trip to the he once tried to disassemble the of a Toyota owned by Fred Ni, an who was driving him around. Shortly BYD went public, Wang did extraordinary: He took approximately 15% of his in BYD and distributed the shares to about 20 executives and engineers at the company.

He owns roughly 28% of the shares, about $1 billion.

The company is frugal. Until recently, always flew coach. One me he was appalled when he learned Ford, which lost last year, had staged a at the Hotel George V during the auto show.

By contrast, the time BYD executives traveled to the auto show they a suburban house to save the of hotel rooms.

Sokol, of a slim volume on management called Pleased but Not Satisfied, up Wang during that and decided he was an unusually purposeful Sokol says, Many entrepreneurs can go from zero to a of million in revenues and a couple of people. He’s got over people.

Few can do that. When he got to the U.S. Sokol told This guy’s amazing. You to meet him.

Even visiting BYD, Sokol in electric cars. His people at have studied clean like batteries and wind for years because of the threat of change. One way or another, Sokol energy companies will to produce more energy emitting less carbon

Electric cars will be one They generate fewer gas emissions than cars burn gasoline, and they lower fuel costs, when oil is cheap. That’s electric engines are more than internal-combustion engines, and generating energy on a large (in coal or nuclear plants) is wasteful than doing it on a scale (by burning gasoline in an engine).

The numbers look like this: Assume you 12,000 miles a year, gas $2 a gallon, and electricity is priced at 12 per kilowatt, about what Americans pay. A gasoline-powered car gets 20 miles to the gallon say, a Chevy Impala or a BMW X3 will have annual costs of $1,200 and generate 6.6 tons of carbon dioxide. those cars with motors, and fuel costs to $400 a year and emissions are to about 1.5 tons.


Wang is the richest man in China with a net of $5.8 billion. He was also one of the 40 most powerful people in by business Week .

3. Competitive

Cost advantage and quest to be the cost producer:

“The big now is to bring down the initial Li Lu told me. Eventually, BYD would to sell the car for about the same as conventional vehicles, and win over buyers by offering them operating costs and higher “The only way to conquer market is to provide a product is comparable at the beginning and superior in the he said “There are not many in the that have comparable and expertise,” Li Lu says. “They to have a commanding lead now.” The BYD technology is super its batteries will last a time and they will less than competitors”, he


BYD’s Cars will be much than competitors:

BYD has also selling a plug-in electric car a backup gasoline engine, a putting it ahead of GM, Nissan, and BYD’s plug-in, called the (for dual mode), farther on a single charge 62 miles — than electric vehicles and sells for $22,000, less than the Prius and much-hyped Chevy are expected to cost when hit the market in late 2010. Put this little-known upstart has ahead of its much bigger in the race to build an affordable car.

Today BYD employs people in 11 factories, eight in and one each in India, Hungary, and

He started BYD with a modest to edge in on the Japanese-dominated battery Importing batteries from was very expensive, Wang There were import and delivery times were He studied Sony and Sanyo and took apart batteries to how they were made, a that involved much and error, he says. (Sony and later sued BYD, for infringing on their patents.)

breakthrough came when decided to substitute migrant for machines. In place of the robotic used on Japanese assembly which cost $100,000 or apiece, BYD actually cut costs by hundreds, then thousands, of


BYD’s technology is around 5 years of the nearest competitors such as Nissan and GM. The F3DM is technologically top the Chevy Volt. The F3DM is at $22,000 and goes 50% farther the Volt which is priced at

In addition the F3Dm is already sold to retail customers but the will be released near the end of the

BYD takes apart the car modules of their competitors and them — but they infringe on patents:

BYD’s as a revolutionary copyist has drawn reactions, but of course business seldom pay heed to grumblings those they defeat. carmaking, for example, BYD found reverse engineering can cut the cost of a new by more than one-third.

To good cars in the shortest possible, BYD spends tens of of yuan every year and then dismantling the newest built by manufacturers around the That’s also how Wang set up the first battery production In those early years, a automated Ni-Cd battery line from Sanyo tens of millions of yuan, so decided to make one himself.

He the setup for an identical production that cost only 1 million yuan.

Auto offers a good example of strategy. The company obtained a stamping plant when it Qinchuan, eliminating the need for outsource production of new car body which can take two years and 200 million yuan. As a result, BYD making new stamps in eight for 80 million yuan, and now it’s a third stamping plant Shenzhen. Why are our cars so cheap? a mid-level staffer at BYD.

is saved on every part, engine to dashboard.

In hopes of patent issues, BYD has a team hundreds of people who study patent intricacies. At the same BYD has begun applying for large of patents; it was the biggest applicant Huawei and ZTC in Shenzhen last BYD Sales Vice President Jianjun says every has to find its own path slowly. He that BYD is coming out with new models in 2010, all mid-range costing more than yuan.

You’ll discover these new makes don’t anyone else’s models, he We made them ourselves.

BYD’s manufacturing process is cheaper than their

In terms of the sequence of steps, the process at competing firms in was similar to that at BYD. the typical Japanese plant from BYD in several respects. most of the process in Japanese was automated. For example, the movement of and work in process between steps was performed by robotic rather than workers.

robots were highly during assembly were to be slightly lower than the defect rate for the similar in BYD’s process—they were Wang estimated that robotic arm cost approximately RMB and was depreciated over five Equipping a line to do final would have required robotic arms.

BYD’s Shenzhen plant had than 25 lines dedicated to production.

Second, Japanese contained significantly more space than BYD’s facility. At these firms, all assembly steps had to be performed in a environment.

At BYD, only the from the final formation of the shell to the electrolyte-filling process a dry room. Further, the BYD dry room was such that operators sat its perimeter and worked on parts by their hands through sleeves that extended the humidity-controlled environment. Though not Wang suspected that the of dry-room space in a Japanese was 10 times greater than at BYD.

Ironically, the smaller of dry-room space at BYD’s may have been the result of BYD not access to information about the used by its Japanese competitors. noted, “Early in the design of our process, the Japanese plants off limits to us, so we had to rely on our imagination to and develop the battery technology and process from other

Buying an auto company, was not for the faint of heart. The purchase of roughly RMB 250 million seemed to be a given the land that along with it. But the existing and lines at Qinchuan were in a state of repair and had no capacity for

Wang estimated that a new facility with a capacity of vehicles per year and production for two additional vehicle models require a further investment of RMB 400 million and RMB 500 million. Furthermore, new vehicles would cost RMB 100 million per product

According to a on page 21 of the Harvard report, BYD batteries at least 20% cheaper Sanyo.

Harvard BYD Case

Access to rare earth

The 17 metals which are known as earths are a vital component in of the world’s new technologies.

As Newsnight’s Editor Paul Mason now these metals, 97% of which are in China, have the potential to the world’s power away the West.


BYD is factories in resource rich to gain access to the rare minerals

BYD Co. Ltd. (SEHK: an indigenous manufacturer of rechargeable and vehicles in China, will CNY 22.5 billion building a solar cell production in the northwestern province of Shaanxi 2009 to 2015, citing the government’s latest circular development strategy.


Southern Shaanxi’s mines are while the province’s northern shares vast, sunlight-bathed with Inner Mongolia. geographic factors prompted officials to look at applying from southern mines in energy projects, giving to a local photovoltaic industry.

The plans perfectly meshed BYD’s development goals. So in the company signed an agreement the government in the southern provincial of Shangluo to build a 1 gigawatt battery production facility.

In the said an insider at the Shaanxi and Reform Commission, BYD plans to set up energy facilities in Shangluo and the city of Yulin, including smelting plants, solar production plants, and solar stations. BYD’s Shenzhen has been put in charge of researching the and application of this new energy

According to the southern Shaanxi BYD plans to invest 22.5 yuan in the province by 2015 and 5 GW worth of solar battery

But the plans rely on government Several official documents that BYD’s investment is based on predictions of extremely low costs, as well as subsidies nearly match BYD’s

Nevertheless, the Shangluo government’s authority has already started with BYD. A 27-hectare BYD New Base is currently under on the city’s eastern outskirts, and is to provide 1 GW generation capacity year. The initial 450 million investment includes a 50 million from the local government, and a 250 loan from the Bank of

Moreover, Shangluo’s government has tens of millions of yuan on extraction, discovering three mines and a vanadium mine. rights for two silica mines awarded to BYD. On the provincial the Shaanxi government has set aside 800 yuan for developing alternative mostly for upstream solar production.

Government sources some of this money is for BYD.

In the future, BYD may tap into government bank account to a 10 billion yuan fund for energy investment at a Xi’an civil aviation base.

In 2009, BYD and Shaanxi’s Information and Department signed a batch of linked to the alternative energy and industries. The provincial government to secure direct power to BYD and other major companies at a industrial park, offering power prices.


Chinas leading battery BYD Co. Ltd. starts building a cell project in Shangluo, Province. The company plans to CNY 450 million in the first phase of the which is expected to be able to out solar cells of 100 mega per year and create sales of CNY 1.024 billion.

The first covering a plot of land of square meters large, be built up one year later. The investment in the project is expected to CNY 2.5 billion, local media It is the largest project in terms of in Shangluo City.

Shangluo has rich mineral especially the high-purity silicon which is the main raw material for cell production. Wang chairman and president of BYD, had led a to survey Shangluo at the end of this and inked development contract of a cell plant with the government.


R D and 19,000 engineers:

GM or Toyota not hire the amount of engineers on electric cars that BYD has the same engineers cost 10x in industrialized countries.

Deploying the of laborers at BYD is an officer corps of and engineers who invent and design the Today the company employs 10,000 engineers who have from the company’s training — some 40% of those who either drop out or are dismissed and another 7,000 new college are being trained. Wang the engineers come from best schools.

They are the top of the he says. They are very and they can compete with BYD can afford to hire lots of because their salaries are about $600 to $700 a they also get subsidized in company-owned apartment complexes and meals in BYD canteens.

They’re breathing, eating, thinking, and at the company 24/7, says a executive who has studied BYD.

Wang stresses BYD, unlike Sony and has never faced a recall of its

Yet Wang felt that BYD from its Chinese competitors at least one critical dimension—investment in RD. other Chinese firms solely on production, BYD devoted resources—roughly 2% of revenues—to both and process RD. Wang observed, are two types of Chinese companies in our

The first group focuses on the channel and does not care the technology or the development of new components. in the second group, including emphasize technology, and their edge comes from the they develop.”

Harvard Study

Chinese battery and car BYD Co. said Monday it plans to capital spending 59% in 2010 to its automobile production amid domestic demand.

Clear in electric cars:

Leading car are partnering with BYD to develop cars because BYD is so far ahead and the of developing their own technologies be so expensive.

In March, the company a joint venture to develop cars in China with The idea is to combine Mercedes’ excellence with BYD’s savvy, particularly with to batteries, and the Chinese firm’s to its home market. “Daimler’s in electric vehicle architecture and excellence in battery technology and systems are a perfect match,” chief Dieter Zetsche at the time.


The more than doubled its to 450,000 cars in 2009. The car reiterated Monday its target of 800,000 autos this

BYD said it will launch the L3, I6, G6, S6, M6 car models next year. The new vehicle products include the SUV and MPV, of which only the M6 has displayed to the public. All these new will be priced between yuan ($14,700) and 200,000

The BYD F3 is the number one selling car in China and BYD as a is the 4th largest car company in China.

BYD was the first company to get for its car buyers

In 2010, the Chinese has expanded the trial cities for energy-saving and new energy vehicles 13 to 20. Five cities have be as the pilot cities for the trial where private buyers energy-saving and new energy vehicles can get and subsidies, including Beijing, and Shenzhen etc. As the first and sedan chosen by National New Vehicle Recommendation List, the E6 has available to government agencies and since Dec.15, 2008.

The private sales location is in as selected and will expand to new energy car trial cities in


BYD could compete with GM or Toyota in based cars, but electric are much simpler to engineer and BYD everyone in technology

Mr. Wang’s capitalizing on the electric car’s low to entry. Few products are as complex to and produce as gasoline-powered automobiles, are assembled with thousands of engineered parts. But electric use only basic motors and and have relatively few parts.

from perfecting the battery they’re far easier and cheaper to — and that makes for a playing field.

It’s hopeless for a latecomer like us to with GM and other established makers with a century of in gasoline engines, said Mr. in an interview, pacing and juggling in BYD’s headquarters on the outskirts of With electric vehicles, all at the same starting line.

Mr. says BYD’s lithium-ion uses an iron-phosphate technology is chemically stable and thus safe. He says it doesn’t to the point where it can catch

Mr. Wang, the 42-year-old Chinese compares the simplicity of building cars to the simplicity of a digital Anyone can design and produce watches, but it’s virtually for a newcomer to match the precision of a wristwatch, Mr. Wang says.

Indeed, BYD’s all-electric e6, has two motors (45 parts each), one the front axle and the other the and two gearboxes (60 parts each) to go each of the motors. That the whole system has 210 primary excluding nuts and bolts. In BYD’s F6, a gasoline-fueled vehicle, has a of 1,400 powertrain parts: a V6 composed of 840 parts and a transmission 560 parts.


BYD the supplier of electric car batteries to car companies:

Volkswagen and Mercedes have announced they are with BYD

The Lavida electric is likely to have most of its sourced from Chinese including the battery expert Your Dreams (BYD). German rival Daimler two weeks ago it was also partnering BYD to build electric cars in


(Hongkong –BYD Company Limited yesterday signed a Memorandum of (MoU) with Daimler AG ticker symbol: DAI) to into a comprehensive technology for the development of electric vehicles for


In a shockingly appraisal of the Chinese auto Daimler CEO Dieter Zetsche out the harsh reality for the Chinese market, stating that vehicles are not sustainable due to the massive and that electric vehicles are

Speaking at an event in Beijing, remarked “If you look at the population and the here, you quickly reach the that it would be unthinkable to these people with gasoline- and diesel-powered vehicles. just isn’t enough oil for So there has to be personal transportation is not dependent on oil and is CO2-free to the greatest extent.

In this regard, BYD is a front runner.

Daimler China Must Adopt Gas And Diesel Cars Not Feasible For Market

The company hasn’t yet whether it will enter the market, where the economics of cars are not as compelling. Sokol, who now on BYD’s board, says BYD instead become a battery to global automakers.


BYD’s batteries become to the grid to store solar and generated power:

BYD built a demonstration energy storage in a 40-foot mobile container for in Portland. It also has a 1-MW demonstration storage project in its in Shenzhen, that is connected to the and a 200-kW storage unit in a container, that features discharge, as well as a 600-kW storage container for 1.5-hour


We’ve really had storage capability on systems, Sokol told me by phone. Given the progress BYD has on the technology of batteries for electric the question is, how do we ramp that up so that we can use it for multiple purposes in the world? Probably the most is the ability to store intermittent resources, such as wind or Sokol said.

Put simply, battery storage at scale address one of the biggest drawbacks to and solar energy, which is unlike coal or nuclear they are unpredictable — you can make electricity when the is blowing or the sun is shining. If you can store when the wind blows, and it available when you need it, argument goes away, says.


BYD will be the lowest cost of solar panels:

Wang the company has a goal of reducing the of solar panels by 10 percent a to make them more to the general public.

BYD was to the game. Started 10 years everyone else:

Chinese and electric automaker BYD Co. has set up a plant to produce lithium batteries for its cars in Huizhou, south Guangdong Province, according to the Securities Journal.

BYD, owned by Warren Buffet, has around five billion (about 731.5 million dollars) into the operation of the plant, which produces batteries, automobile parts and components, the newspaper Xinhua

Facilities for the production of batteries for the electric cars are almost now, since construction in September last year.

The plant, the first eligible for production of lithium-ion batteries are core technologies of BYD’s cars, is seen as a key step in the electric car manufacturing


BYD e6 Electric Cars

According to the distributor of BYD in Shenzhen, F3DM low-carbon dual-model vehicle going on market, 14 been sold on the terminal with total orders of than 500.

According to information, the actual price of has been raised by 50,000 from 169,800 Yuan for the current contradiction of demand and Comparing with other of vehicle of BYD, the ordering for F3DM low carbon vehicle be longer. It’s said some of the customers calling for are from Hong Kong, and even oversea.

Currently, the condition for promotion of electric in Shenzhen has been increasingly The first batch of electric firstly built by China Power Grid in Shenzhen has put into operation with two stations and 134 charging cords The two charging stations are designed to 9 charging cabinets which accommodate 18 vehicles at the same

On a conference call, Mr. disclosed that in 1998 he had 20 of his top engineers to quietly scale up cellphone-battery technology so that it be used to power cars day. They developed an car, a clunky vehicle the Flyer that was just a above a golf cart.


China is far more money and allocating way resources than any of country for technology:

U.S. leaders China’s clean energy to drive technology exports and are a sales mission to Beijing week. But Beijing wants to its own suppliers of wind, solar and equipment and is limiting access to its setting up a new trade clash Washington and Europe.

The potential market is huge: Total in China in renewable energy by the and private sector last was $34.6 billion, nearly U.S. spending of $18.6 according to a report by the Pew Charitable


Zhen deputy director of 863 major for energy-saving and new energy vehicles in the of Science and Technology, said the number of electric cars will reach to 2.66 units, which leads to 21.2 billion kWh of electricity throughout the year. The electric car can be driven at the highest speed of 80 per hour and run 100 kilometers without

He added that electric buses and plug-in electric will also be produced by At that time, the output of vehicles will make up 10 of the total number of electric vehicles. China National Oil Corp. is considering building stations for electric vehicles, of a broader push by the state-owned oil that could give a to electric cars in China’s market.

China’s intention, in to creating a world-leading industry will produce jobs and is to reduce urban pollution and its dependence on oil. China to raise its annual production to 500,000 hybrid or all-electric and buses by the end of 2011, from last year. Electric have several practical in China. Intercity driving is

Commutes are fairly short and at low speeds because of traffic So the limitations of all-electric cars are of a problem.


The States is poised to invest billion over the next years, which compares to of $397 billion in China a more than four-to-one on a per-GDP basis.

Link: or

Charlie Munger it’s the best company in the and the most amazing company ever seen. The partnership Berkshire Hathaway will BYD a huge amount of clout in the USA and the world:

For the first time, the Chinese maker of cars, electronics, and solar power earns the No. 1 spot on Bloomberg annual Tech 100 ranking of top performing companies. BYD (which for Build Your Dreams) has than flourished: It even perhaps the hottest tech around, No. 2 Apple.

Apple and Holdings (No. 3) round out the top


Mr. Sokol said MidAmerican hopes to its BYD stake if the chance arises. If in the there is an opportunity for us to continue to in BYD, we will be happy to our stake over time, but we do it in cooperation with BYD, he Mr.

Wang said an increase is


How did BYD get so far ahead? Buffett asked Wang, through a translator. Our company is on technological know-how, Wang Wary as always of a technology Buffett asked how BYD would its lead.

We’ll never, rest, Wang replied.

Warren Buffett MidAmerican Energy Holdings Co. Chairman David Sokol to the of BYD Co. after the U.S. company to buy a stake of about 10 percent in biggest rechargeable batteries


Bill gets a royalty on Computers, BYD be a complete energy producer, getting a royalty on energy in China:

However, the company’s goal isn’t making a with its cars. Right now it is on solar panels, aiming to them popular enough they cost less for Paraphrasing Bill Gates ideas about the PC, BYD Chairman said he wants solar on every home.

After the company’s next goal is to throughout the States, and only that is done will it to building hybrid and fully cars here. BYD’s new are expected to add several hundred to the LA’s employment rolls.

BYD insiders revealed to Autocar the E6 was part of the company’s ambitious to be a ‘total provider of power’ in meaning that it wants to electricity generation, battery and the vehicles to use them.


BYD’s cars and solar are made with complete integration:[/b]

Everything in the cars is and developed by BYD except for the tires and

This human resource is the most important part of strategy, Wang says. His investigate a wide array of from automobile air-conditioning that can run on batteries to the design of streetlights. Unlike most BYD manufactures nearly all its cars by — not just the engines and but air conditioning, lamps, seatbelts, and electronics. It is difficult for others to Wang says.

If we put our staff in or the U.S. we could not afford to do like this.


Wang “Our goal is the vertical of the whole supply chain. for the design of tooling and molds to make components, we do 95% of the work This puts more under our control and allows us to get in terms of both cost and

Harvard Case Study

The of automobiles per capita in China is a of the USA’s. Motor Vehicles per people:

USA: 764

China: 30

Expanding globally and headquarters in the USA.

Like BYD is a company of firsts. They are China and the rest of the world a cleaner, more sustainable with their automobiles and energy products while jobs and saving consumers I welcome BYD with open and look forward to growing relationship with China to benefit the environment and economy.

Los Angeles headquarters will be for sales, marketing, and research and for its automobiles and energy products, include solar panels, LED systems and home and grid energy storage units BYD’s unique iron-phosphate Schwarzenegger’s office said in a


MidAmerican David Sokol, who was also in Xian, said MidAmerican is to assist BYD’s foray the U.S. auto market in any way we be helpful. MidAmerican also invest in BYD’s new initiatives in the which, in addition to automobiles, involve solar panels and technology for power utilities.

BYD has recently announced to distribute cars in the USA, Africa, Ghana, Germany and all Europe, Australia, South

BYD has backing from the Chinese

BYD is receiving subsidies, land and low resources from the Chinese

The cooperation could involve the of industrial standard for electric as well as joint investment and he told reporters at an auto in Shanghai yesterday without details.

China is aggressively forward a plan to speed up the of new energy vehicles, which financial subsidies as well as 10 yuan (US$1.5 billion) to help car makers upgrade

Several car makers, including Motor Corp, Chang’an Group and BYD Auto Co Ltd, poured a huge amount of into investment and offered new models of green cars to demand.

Electric may get discount at harbor: The Port of Los may become the first port to reduced tariffs for zero-emission imported into the United under a proposal expected to before the Board of Harbor this summer.

Plans for offering a 15 percent discount on the rate for battery electric passing through the port. The rates could go into by September, pending final by the harbor commission, the California Authority and the Los Angeles City

The proposal was introduced last when Chinese manufacturer BYD Co. announced plans to move the North American headquarters to Los

BYD is a truly visionary company and the tariff our port will is another great example of our desire to work with and global alternative energy to Los Angeles, Mayor Antonio said. By pursuing 21st clean technology enterprises, we are a foundation for our future, both and environmentally.

5. How did Buffett BYD:

This past was the Berkshire Hathaway (NYSE:BRK.A / annual shareholder meeting. At one during the QA, a questioner asked Buffett about the status of CIO candidates. Charlie Munger that one candidate who he is particular with was up 200% in 2009 0 leverage.

Some people that the person Munger is to is Li Lu, a fund manager who turned and Buffett onto BYD.

Lu owns at least 2% of BYD, rose 400% in 2009. I know anything about his beyond that one position, but I he is a huge believer in taking high conviction positions. If is the case here, BYD’s results must have a lot to his returns for 2009 which may a 200% for the year possible.

Mr. Li is 32 years old. He Armani suits that he at a factory outlet; he lives in one of bland modern towers on the Side. While other Street hotshots his age may have the trauma of not getting into the schools or investment banks of choice, Mr.

Li has survived poverty, from his family (his were forced into camps) and a devastating earthquake. he escaped to America after of his fellow protesters were in Beijing, he was one of the most wanted in China.


BYD e6 Electric Cars
BYD e6 Electric Cars
BYD e6 Electric Cars
BYD e6 Electric Cars
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