Founder of EV maker BYD now richest person in China | Electric Vehicle News: "The owner of a Shenzhen car and battery maker BYD has emerged from the growing pack of Chinese millionaires to be named the richest person on the mainland after a boost to his wealth driven by an investment by Warren Buffett.
Wang Chuanfu, the founder and chairman of BYD , jumped from 103rd to first place with a net worth of $5.1bn, according to the annual Chinese rich list compiled by Hurun , a Shanghai-based consultancy.
MidAmerican Energy , a business controlled by Berkshire Hathaway, the flagship company of the closely watched US investor, paid $230m for a 10 per cent stake in BYD a year ago. Shares in BYD have since risen more than sevenfold, propelling Mr Buffett's stake to $1.7bn.
While BYD's main businesses are making batteries for mobile phones and producing passenger cars, much of the increase in its valuation has been based on the prospects for the electric cars it is developing."
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