BYD's 2010 capital expenditures up to 10 billion yuan

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BYD's 2010 capital expenditures up to 10 billion yuan

Source: Global Times
[16:50 December 08 2010]
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BYD CEO Wang Chuanfu, said Monday that the company's capital expenditure in 2010 would be about 10 billion yuan ($1.5 billion) to expand its manufacturing facilities to reach its sales target of 800,000 units this year.

Backed by US billionaire Warren Buffett, Chinese car and battery maker BYD Co said March 14 that it earned 1.46 billion yuan ($214 million) in the fourth quarter in 2009.

The company's 2009 net profits rose to 3.79 billion yuan from 1.02 billion yuan year-on-year thanks to the government's tax incentives.