beyondbrics

Warren Buffett has come to China this week with a fanfare to preach philanthropy. His first stop, however, was not about giving money, but profiting from green technologies.

In Shenzhen, the southern Chinese boomtown abutting Hong Kong, BYD, the battery-maker turned carmaker in which Buffett has a 10 per cent stake, held a “build your dreams” conference for its 1,200 auto dealers from around the country. In a packed hotel ballroom, Buffett sang the praises of BYD’s electric cars.

“BYD is a young and promising company experiencing dynamic growth,” said Buffett, calling BYD “the fastest growing auto company in the world”. BYD marked the sale of its 1,000,000th vehicle on Monday, only seven years after it was founded.

“This is my first trip to Shenzhen but I promise you it won’t be my last,” Buffett said, followed by a big round of applause. “BYD is the right choice for me.”

BYD’s shares now trade above HK$59, up from the HK$8 level Buffett bought in at two years ago.

BYD on Monday announced the national launch of its F3DM hybrid, bringing the model to 20 more cities in addition to its base in Shenzhen.

The dealers were elated, clapping hands and taking non-stop photos with their mobile phones of the “god of stocks” as Buffett is known in China.

The handful of journalists who were lucky enough to be invited to the meeting were far less thrilled. First of all, they were asked to show up at the hotel an hour and a half before the conference was due to start to familiarise themselves with the day’s schedule: five contract signings and award ceremonies.

The conference started 45 minutes late and there were no question and answer session, only video presentations, speeches, awards and more awards. Rumours that Buffett is planning to sell down his stake in BYD were not addressed.

Buffett is scheduled on Wednesday to visit Beijing where he will co-cost a dinner with Bill Gates, his fellow billionaire, to share their belief in philanthropy. He will then travel to the central city of Changsha , where BYD is to showcase its first electric bus.

Hopefully he will also answer a few questions along the way.