Wang Chuanfu is the founder and chairman of BYD Company Limited, a Chinese battery and, as of recently, automobile maker. In December of 2008, BYD began selling the F3DM, a plug-in electric hybrid car in China. BYD has been criticized for copying its competitor’s car designs– their logo, as well, bears a striking resemblance to that of BMW’s. The automobile plugs into a home outlet and comes with a small gasoline engine capable of recharging the battery on the go. It is the first in an array of electrified cars that BYD plans to introduce around the world, starting in China and followed by the U.S. and Europe as early as 2010.

Wang’s venture has already attracted the attention of industry veterans and investors, including Warren Buffett.

There is something to be said of the fact this vehicle is ready to be offered in the U.S. to consumers as early as 2010, in many instances, BYD is years ahead of U.S. competitors. Despite the increased competition of major auto giants, BYD believes that it has a chance. Much of the difficulty in challenging a large automobile maker stems from the significant complexity and resources needed in order to produce a product– especially one typically thought of as a gasoline-powered vehicle. However, when approaching the electric model, many of the complexities are reduced to basic design– indirectly leading to a more level playing field amongst competitors. Many sources in the automotive industry report that, essentially, electric cars are easier to produce, use less parts, and are less expensive to make.

BYD’s debut product in China is a plug-in electric vehicle that can run as a gasoline-electric hybrid with the flip of a switch. Some insiders wonder if the once promising market for electric hybrids and the like will be diminished at present due to lower gasoline prices. BYD’s entry into the U.S. market will have to overcome market problems, negative perceptions about Chinese quality control, and concerns about overheating electric batteries and possible resulting fire hazards. Wang says that BYD’s lithium-ion battery uses an iron-phosphate technology that is chemically stable and thus “inherently safe.” He says that it does not overheat to the point where it would be susceptible to catching on fire. BYD has over ten years experience as a battery manufacturer in China and is the world’s second-biggest producer of lithium-ion batteries.

Low labor costs from the Chinese workforce are expected to produce an entry into the U.S. market place for around $22,000, far lower than similar anticipated vehicles from GM.

In 2008, MidAmerican Energy Holdings Co., an Iowa-based energy producer, invested $230 million in BYD for a 10% stake. Warren Buffett, the world-famous conservative investor, is a majority owner of MidAmerican. Typically, Buffett’s investments have shied away from technology or high risk investments– the fact that his supported is rooted in this venture lends to the idea that BYD can be considered a serious market force with it entry into the U.S. market. Possibly, Buffett was drawn to the point that BYD’s plant in Shenzhen, which produces electric motors and batteries, does so with minimal automation. The low-tech process employs a primary workforce of, reportedly, women in their late teens and early 20’s assembling the parts largely by hand.

In China, BYD is currently a top producer and fast growing automaker. Demand for its traditional small cars, the F3 and the F0 are rising.