China’s first mass-produced hybrid electric car hit the market on Dec. 15. The car is made by BYD Auto, a Chinese company backed by American Warren Buffett, a part owner of the firm with a 9.9% stake.
The F3DM will be the world’s first mass-produced plug-in hybrid car. It is a car that can be charged from power outlets at home, as well as in specialized electric car charging stations according to BYD. The car can run 62 miles on a full battery and will cost $22,000.
BYD's president said during the launch at Shenzhen: “Through the F3DM dual-mode electric vehicle, BYD will grab a head-start in the new energy automobile market.”
BYD also manufactures rechargeable batteries. It started manufacturing cars only in 2003 when it bought a bankrupt state-owned auto company. Its hybrid car is scheduled to go on the market in 14 Chinese cities and the firm is focusing on making deals for company fleets rather than individual buyers.