BYD not to mass-produce electric cars in mid-2010
- Source: Gasgoo
- [16:50 December 08 2010]
- Comments
Chinese carmaker BYD Co. has given up a plan to mass produce electric cars in China by the middle of this year, Bloomberg reported March 16.
The company will make 100 E6 electric cars to be used as taxis in the city of Shenzhen, where BYD is headquartered, said Chairman Wang Chuanfu. Further development of the vehicles will depend on the success of the taxis.
BYD, 10 percent owned by Buffett's Berkshire Hathaway Inc., plans to market electric and hybrid cars in Europe next year, including the E6, after starting sale of the model in the US late this year. The E6 hatchback will be able to travel 200 miles (322km) on one charge.
BYD introduced its F3DM plug-in hybrid to corporate and government agency customers in December 2008, with 48 units delivered in 2009. The automaker plans to start selling the F3DM to individual consumers by the end of this year and will set up a sales office in the US.
The company more than tripled net income last year to 3.79 billion yuan ($555 mln) from 1.02 billion yuan in 2008, as consumers took advantage of government subsidies to buy the automaker's gasoline-fueled F3 compact cars. The model was China's best-selling car in 2009.
The carmaker's sales last year increased 162 percent to 448,397 vehicles and this year's are expected to nearly double to 800,000 units this year. It plans to expand its auto production this year amid robust domestic demand.
After teaming up with Volkswagen AG to make hybrids and lithium battery-powered electric vehicles and with Daimler-Benz to build an A-class electric vehicle, BYD may set an American plant in California.
