California Gov. Gavin Newsom is facing pushback as state lawmakers have begun demanding details of his nearly $1 billion deal to receive 200 million masks per month from a Chinese manufacturer.
Just two weeks after announcing the deal, Newsom has remained largely mum on the specifics.
Advisers to the California Democrat have declined requests for comment from the Los Angeles Times about the agreement, which was inked with Chinese electric car manufacturer BYD — which stands for Build Your Dreams — earlier this month.
BYD was formed in 1995 as a battery manufacturer. In 2008, Warren Buffett’s Berkshire Hathaway purchased a 24.8% stake in the company.
Since then, it has grown into one of the largest electric car makers and partnered with Toyota in November to launch a joint venture into electric car batteries.
The Buffett-backed company also operates a US subsidiary in Lancaster, California, which employs about 1,000 people, according to the Times.
Despite its growth under Buffett, the company announced it saw a 42% drop in profits from 2019, citing the coronavirus pandemic, cuts to government subsidies and changes to emissions rules in China. – READ MORE
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