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.
Warren called it "hypocritical" for the White House to oppose corporate inversions but nominate a person who has worked in this area. More