China’s BYD has committed to building a new California facility for its rapidly growing electric forklift business.
The company will construct a 50,000-square-foot facility in Rancho Dominguez that will include office space, warehouse space and facilities for demos and training.
“This expansion will help us build and strengthen our relationships and give us an important opportunity to showcase the variety of top-notch material handling equipment built by BYD,” Terry Rains, director of BYD’s North American forklift division, said in a statement. “BYD has been revolutionizing the material handing market and our extraordinary technology turns the industry inside-out,” added Rains.
Globally, BYD has delivered more than 12,000 zero-emission electric trucks across all classes, and it expansion into product handling equipment, such as forklifts, are part of a diversified electric powered product line that includes cars, delivery trucks, batteries, and even monorails.
BYD and Berkshire Hathaway
In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million has grown in value almost ten-fold, and is now worth roughly $1.96 billion.
For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.
© 2020 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.