BYD to target US and Europe
By Alison Leung |
February 24, 2010, Wednesday
|
Print Edition
Print Edition
BYD Co, a Chinese car and battery maker founded by China's wealthiest man and backed by United States billionaire Warren Buffett, aims to boost its car exports this year as it feeds what it hopes will be improving demand in a recovering global economy.
BYD aims to export 5-10 percent of the 800,000 vehicles it should produce this year. Last year, its overseas sales were just 2.2 percent of its 450,000 vehicles, said BYD Marketing Manager Paul Lin.
"Exports in 2009 were about the same as 2008 due to the financial crisis," Lin said. "Exports this year should be many times higher." He said BYD aims to sell its clean-technology cars in Western Europe next year, following plans to export electric cars to the US later this year.
"West Europe is a mature market and competition is keen," he said. "We see opportunities in new energy cars because we are on the same track" as Western auto makers in making them.
BYD, which employs 130,000 people, has said it aims to be a major global player by 2025, with vehicle sales of 8-9 million. Its F3 sedan was the best-selling car in China last year.
The company has exported to more than 70 countries, mainly in emerging markets such as Egypt, Russia, Iran and countries in Southeast Asia.
Its cars typically sell from as little as 30,000 yuan (US$4,400) to 200,000 yuan, and its e6 electric car is expected to cost around US$42,000 when it hits showrooms in the US.
Lin said the company has already sold several hundred e6 cars in China, mostly to government clients, but is waiting for the government to roll out subsidies, probably in the first half of the year, before selling to the mass market.
Founded in 1995 by entrepreneur Wang Chuanfu, BYD has enjoyed a rapid rise, first as a mobile phone battery maker for Nokia and Motorola and, more recently, making cars.
Buffett's Berkshire Hathaway bought a 10 percent stake in 2008.
BYD aims to export 5-10 percent of the 800,000 vehicles it should produce this year. Last year, its overseas sales were just 2.2 percent of its 450,000 vehicles, said BYD Marketing Manager Paul Lin.
"Exports in 2009 were about the same as 2008 due to the financial crisis," Lin said. "Exports this year should be many times higher." He said BYD aims to sell its clean-technology cars in Western Europe next year, following plans to export electric cars to the US later this year.
"West Europe is a mature market and competition is keen," he said. "We see opportunities in new energy cars because we are on the same track" as Western auto makers in making them.
BYD, which employs 130,000 people, has said it aims to be a major global player by 2025, with vehicle sales of 8-9 million. Its F3 sedan was the best-selling car in China last year.
The company has exported to more than 70 countries, mainly in emerging markets such as Egypt, Russia, Iran and countries in Southeast Asia.
Its cars typically sell from as little as 30,000 yuan (US$4,400) to 200,000 yuan, and its e6 electric car is expected to cost around US$42,000 when it hits showrooms in the US.
Lin said the company has already sold several hundred e6 cars in China, mostly to government clients, but is waiting for the government to roll out subsidies, probably in the first half of the year, before selling to the mass market.
Founded in 1995 by entrepreneur Wang Chuanfu, BYD has enjoyed a rapid rise, first as a mobile phone battery maker for Nokia and Motorola and, more recently, making cars.
Buffett's Berkshire Hathaway bought a 10 percent stake in 2008.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
