Great news for Warren Buffett and the Chinese.  They will produce buses—to be sold to American companies.  Buffett gets to keep his profits in China—avoiding U.S. taxes and the Chinese get to put American firms out of business.  Wonder if Buffett will complain about the Prop. 13 property taxes his Chinese firm will pay?

“BYD Co. Ltd., the Chinese battery and electric vehicle producer with U.S. headquarters in downtown Los Angeles, plans to open its first wholly owned assembly plant overseas next year somewhere in California, according to a Monday news report.”

See the full story by clicking on the blue headline

 

BYD to Set Up U.S. Plant in California

By Deborah Crowe Monday, December 17, 2012

BYD Co. Ltd., the Chinese battery and electric vehicle producer with U.S. headquarters in downtown Los Angeles, plans to open its first wholly owned assembly plant overseas next year somewhere in California, according to a Monday news report.

Li Ke, senior vice-president of the Shenzhen-based company, said the factory will produce electric buses. The exact location is expected to be announced in March or April, according to reports from Xinhua News Agency and China Daily USA’s website. BYD plans to open the plant next year with capacity to produce 50 to 100 buses a year by 2014.

The Warren Buffett-backed company’s Chinese-made K9 electric buses cost $550,000 to $600,000 each and are expected to hit the U.S. market in March. The first customers will be Los Angeles International Airport, Apple Inc. and Stanford University, and California is expected to be significant component of the company’s customer base

BYD’s strategy is to expand its manufacturing closer to its customers, in part to control costs. Last week it signed a joint venture agreement with a Bulgarian company to open its first factory for the European market.

 

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Noodleman

If it is OK to sell Buick’s in China, then it should be OK to sell bus’s here. This is just a scare story!

December 18, 2012 at 2:48 pm

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Marten Purdy

Second richest person in the world. Also the greatest investor in the world; he turned fifty grand into 42 billion dollars over 40 years.

December 18, 2012 at 12:34 am

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