It also puts their manufacturing plants closer to the supply chain for batteries, which account for about 40% of the value of electric cars. Based in the southern Chinese city of Shenzhen, Warren Buffett-backed BYD makes electric vehicles and the batteries that power them. Volkswagen announced last year it would pump $12 billion into making electric vehicles in the world's number two economy. Volkswagen is spending billions on building electric cars in China. "They didn't take electric vehicles seriously because they didn't like them," said Viktor Irle, co-founder of Swedish research firm EV-Volumes.

Source: CNN October 30, 2018 04:30 UTC