Vitol, a Bogotá, Colombia-based oil trader, and Berkshire Hathaway-backed BYD have formed a partnership to provide fleet mobility as a service in select markets worldwide. Together they will offer municipal, corporate and others a comprehensive solution including electric vehicles, charging infrastructure and depot design.
The partners have committed an initial $250 million to the initiative, targeted at organizations, private and public, looking to decarbonize their fleets through electrification. The organizations will benefit from access to capital and the partners’ expertise in installing and managing the required infrastructure, as well as the efficient management of power requirements.
Vitol is already in the process of deploying over 300 electric buses in Bogotá and is seeking additional opportunities in South America and further afield.
Andrew de Pass, Head of Renewables, Vitol Inc said: “We are excited by the potential and intend to grow our fleet tenfold in the coming years. Fleet owners are looking to minimize emissions and our proposition enables them to do so with minimal capital outlay and outsourced operational risk.”
BYD and Berkshire Hathaway
In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares for $232 million. It’s an investment that has paid off handsomely. Berkshire’s original investment of $232 million had grown in value to $5.897 billion as of December 31, 2020.
© 2021 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell a 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.