BYD Electric-Taxi Charger Melts at Hong Kong Parking Lot

BYD Co., the Chinese electric carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., said a charger at a Hong Kong parking lot partially melted because of a faulty connection to the electricity grid.

The incident at the Oi Man Plaza parking lot on June 18 didn’t cause other damage and won’t affect BYD’s electric-vehicle operations in Hong Kong, the Shenzhen, China-based automaker said in a statement posted on its official microblog. The company is targeting a fleet of 1,000 electric taxis in operation in Hong Kong in 2014 and more than 3,000 in 2015.

Link Real Estate Investment Trust, which manages the parking lot, said it would suspend the use of the taxi chargers until the cause of the incident was determined.

BYD’s shares fell 9.3 percent to HK$29.85 in Hong Kong trading today, with the benchmark Hang Seng Index declining 2.9 percent. Link REIT’s stock dropped 4.3 percent to HK$37.20.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE