Louis Bedigian is a staff writer for Benzinga. Warren Buffett doesn't typically invest in new technology companies. But when he discovered BYD Auto, the Berkshire Hathaway Inc. A chairman and CEO knew that he had found something special. BYD Auto — not to be confused with Boyd Gaming, whose stock symbol matches BYD's initials — is an auto company that is defined simply as Build Your Dreams.

In , Warren Buffett announced that he was investing in the dream. At this year's North American International Auto Show, Michael Austin, the VP of BYD America, told Benzinga how Buffett came to the company, and why he chose BYD over another automaker. We weren't coming out of the same tub.

We weren't coming to compete with Kia or Hyundai. We weren't coming here to compete on price. We had something completely different.

Even our vision was not about making EVs and flooding the market with EVs. It wasn't even that vision. Austin credits BYD's holistic vision — which includes putting solar panels on the roof of every home and adding solar panels to every parking lot — as being another major feature that attracted Buffett to the company.

But Buffett didn't give up. The market is in India next.

It's never going to be in the U. We're going to sell, what, 10 to 15 million vehicles here. They sold 15 million in China alone! They passed the U.

Business News, Personal Finance and Money News - ABC News

To be clear, Austin says that the whole Chinese market is at 15 million automobiles a year, whereas the U. In the prior year, the U. What's the penetration in China?

Their dream is mobile. Their dream is getting a car so they can be mobile.

AOL - Finance News & Latest Business Headlines

And they'll do one car per family, that's still the goal. But one car per middle-class family is still million cars yet to be sold.

BYD Co Ltd (SZ) Quote| eqogypacuc.web.fc2.com

It would take me 80 years to sell million cars in the U. So China's the market.

3 Casino Stocks to Buy Now - June 6, - eqogypacuc.web.fc2.com

They have the resources. They don't need new leadership, they just need brave leadership. Finally, when asked if he believed that David Sokol would be Buffett's successor, Austin said that he didn't need to say that himself. You should ask him.

Read the original article on Benzinga. Tech market is nowhere near the dotcom days. How augmented reality is changing the way we work. You are using an outdated version of Internet Explorer. For security reasons you should upgrade your browser. Please go to Windows Updates and install the latest version. Trending Tech Insider Finance Politics Strategy Life Sports Video All.

You have successfully emailed the post. The Real Reason Warren Buffett Invested In BYD Auto Louis Bedigian , Benzinga.

Louis Bedigian is a staff writer for Benzinga Recent Posts How Long Until Every Display is a Touch Screen? Facebook Announcement Underwhelms, Bores Users To Tears, Complaints Is Apple's New Goal To Nickel And Dime Consumers? Warren Buffett Cars Electric Cars.

Recommended For You Powered by Sailthru. The Real Reason Warren Buffett Invested In BYD Auto The Real Reason Warren Buffett Invested In BYD Auto Read on. Thanks to our partners. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. Disclaimer Commerce Policy Made in NYC. Stock quotes by finanzen.