Hon Hai Precision Industry Co. sued Build Your Dreams (BYD) at a People’s Court in Shenzhen for intellectual property infringement in technology needed for electrical cars. Hon Hai is Taiwan’s leading outsourced manufacturing company for Apple’s iPhone, HP, Sony and Nokia etc. BYD started with the production of batteries in 1995 and combined this with the development of cars (electrical) six years ago. BYD already has its own museum.
Terry Gou, the CEO of Taiwanese Hon Hai, said in an interview with Economic Daily News in Taiwan: “Didn’t Buffett proclaim that he would only invest in companies that are trustworthy? Then why did he invest in BYD which stole commercial secrets from (Hon Hai affiliate) Foxconn?” Billionaire Warren Buffett’s Berkshire’s MidAmerican Energy Holdings took a 10 percent stake last and stated that Hon Hai’s accusation is a malicious attack by a rival.
Read Alex Crippen’s article for CNBC here.
