BYD wants to lead the alternative energy vehicle sector

• Source: The Global Times
• [17:07 April 22 2009]
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By Shi Jierui

According to AFP, China's BYD Auto said Monday it is in talks to sell its battery products to overseas carmakers for electric car projects, said Henry Z. Li, general manager of BYD Auto's export division.

Li said BYD, which stands for "build your dream", is having discussions with a number of foreign companies but would not name them.

BYD proposes supplying the partner with its battery products. “But we are not selling the technology," Li told AFP in an interview during the Shanghai Auto Show.

He also said although the market in new energy vehicles had yet to take off due to the lack of a large-scale battery recharging networks or sufficient government subsidies, BYD is confident it can make a difference in the environment.

BYD Auto is part of the BYD Group, a Hong Kong-listed firm with some shares owned by Warren Buffett.

Li said that electric vehicles were an opportunity and BYD was trying to seize the chance and bring its advantage into play. He believes that new energy vehicles would gain a bigger market share and BYD could make the division break even within five years.

BYD Auto plans to begin delivering the E6, a completely electric car, later this year. And it aims to double its sales to 400,000 in 2009 and launch five new models this year.