Chinese electric car firm backed by Warren Buffett expands operations – The National

Chinese electric car firm backed by Warren Buffett expands operations – The National

Chinese electric car firm backed by Warren Buffett expands operations. BYD launches a components business named FinDreams that will sell to competitors. BYD, the Chinese electric vehicle maker backed by Warren Buffett, will start offering a full suite of EV components to rivals and aspiring car makers to diversify its revenue sources amid sputtering demand for new vehicles.. BYD, China's biggest maker of vehicles powered by alternative energy for the past six years, will use the brand name FinDreams for the parts business.. BYD, which is financially more stable than most local EV competitors, is betting the new business will help it return to growth more quickly even as the market contracts.. BYD, founded as a mobile phone battery maker, has been growing by expanding into new businesses over the past two decades.. The company started car manufacturing in 2003 and rolled out its first vehicles powered by lithium-iron-phosphate batteries in 2006.. It has since added electric buses, utility vehicles, energy storage equipment, monorails and insulated gate bipolar transistors to its offering.. The annual value of batteries used in electric cars, electric buses and related energy storage is set to balloon by about 10 times to a potential $500 billion