(BRK.A), (BRK.B)
Chinese renewable energy technology leader BYD Company has become the first company to supply pure electric vehicles to Iran.
BYD’s strategic partnership with the country’s largest private passenger car manufacturer Kerman khodro will also see the Shenzhen-based company export other leading technological products to Iran including hybrid vehicles, electric commercial vehicles and rechargeable batteries.
“Our partnership with Karmania is an important step in expanding our Middle East operations,” said AD Huang, General Manager of BYD’s Middle East and Africa Auto Sales Division. “Iran’s new energy vehicle market has vast potential because the government of Iran has the foresight of sustainable development. We endeavor to use our excellent technology to provide quality products and service to the people of Iran.”
“We are very positive about the future of new energy vehicles in Iran because of BYD’s mature technology, the scale of its production and operational success,” said Karmania CEO Pooya Salari Sharif. Karmania is a subsidiary of Kerman that specially for BYD.
BYD’s commercial initiatives in the Middle East and Africa presently include energy storage, new energy vehicles and solar power generation.
According to a statement by BYD, Iran is just one of several Middle Eastern countries responding to climate change concerns through various environmentally friendly policies such as tax breaks for new energy vehicles. These initiatives also assist nations in reducing their dependence on fossil fuel.
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 is now worth roughly $1.77 billion.
For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.
© 2016 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.