Chinese Automaker Investment Pays Off for Buffett

A stake purchased in Chinese automaker/batterymaker BYD is paying off for billionaire investor Warren Buffett. Buffett's Berkshire Hathaway Inc. last September paid $230 million for a 10-percent stake in BYD. Since then, the stock has risen from the $1.21 a share that Buffett paid to $10.55 a share, the Detroit News reports. The stock-run up has made company founder Wang Chuanfu the richest man in China, according to the Hurun Report, a list of the wealthiest Chinese.

Tagged as: Business, Companies, Electric cars, Personalities, richest man in China, Wang Chuanfu, Warren Buffett