Report: Electric Car Maker BYD Wins U.S. Approval to Supply N95 Masks
Electric vehicle maker BYD (SEHK: 1211) transitioned to making N95 respirators in China in January, with the COVID-19 pandemic spreading in that country. The company has the capacity to make 50 million N95 masks per day, and took a $1 billion order from the state of California as the U.S. faced shortages of the much-needed safety equipment.
The Chinese company, which is 25% owned by Warren Buffett's Berkshire Hathaway underestimated the process for getting regulatory approval in the U.S., delaying the California order. Now, the National Institute for Occupational Safety and Health -- a unit of the Centers for Disease Control and Prevention -- has granted approval for the company to supply N95 masks supply to the U.S., according to The Wall Street Journal.
Source Fool.com