NEW YORK (CNNMoney.com) -- Chinese automaker BYD said Friday it has chosen sunny Los Angeles as the site of its North American headquarters.
BYD, a manufacturer of electric and hybrid vehicles backed by investor Warren Buffett, said it was lured by L.A.'s green energy policies, such as incentives for zero emission vehicles and solar roofs.
"California's market-friendly energy and environmental policies are playing a vital role not only in making California more energy secure but also in bringing companies like BYD to our state," said Governor Arnold Schwarzenegger on Friday during an announcement at L.A.'s City Hall.
BYD said it plans to open its offices in the fourth quarter of 2010 and that the launch is expected to generate 150 jobs.
A court-appointed administrator announced the distribution Friday of $76 million to roughly 27,500 U.S. customers of now-defunct Full Tilt Poker. More
In villages across Asia and Africa, nearly 1.5 billion people live in "off the grid" villages with an acute electricity shortage. Often their only source of light is kerosene lamps, which expose families to toxic fumes and risk of home fires. More
As free checking disappears from the nation's biggest banks, the accounts remain alive and well at credit unions. More