Volkswagen singed a deal with Chinese carmaker BYD for a lithium-ion battery partnership.
Volkswagen says it has signed a "memorandum of understanding" with Chinese carmaker BYD to explore "options for partnership in the area of hybrids and electric vehicles powered by lithium batteries."
Warren Buffett's Berkshire Hathaway bought a 10 percent stake in BYD last fall, and Buffett has been personally promoting the company's efforts. (See last month's WBW post Fortune Puts Warren Buffett In "Car of the Future" Driver's Seat.")
Dow Jones notes that many of the world's biggest automakers are scrambling to "secure supplies of batteries for alternative vehicles" and reports that BYD is also talking to Ford Motor about "similar arrangements."