Buffett-Backed BYD Plans to Triple EV Sales

Buffett-Backed BYD plans to boost sales relying on its wider adoption of EVs.

The Chinese company has tried for years to develop its green-car business and now it plans to triple sales of its EVs to 8,000 units by the end of this year. The majority of these cars are targeted for the taxicab industry and 2,000 of the total number are buses. BYD, which is Warren Buffett’s highest-profile investment in China, sold last year 700 electric buses and 1,700 EVs.

“We feel that the use of electric vehicles in public transport is the first step and a more realistic way to promote and popularize the products,” said Liu Xueliang, general manager for Asia-Pacific auto sales at BYD. “With the more widespread use of our electric cars in public transport, we can further promote them to government organizations and retail car buyers.”

He added that in March, the automaker will announce its plan to introduce its EVs in Hong Kong, BYD’s first major market for electric vehicles outside mainland China, and in 2014 it plans to enter London, followed by other cities in Europe, South America and Southeast Asia. The automaker aims at selling 500,000 gasoline-powered vehicles in 2013, an increase of 9.6% from 2011, due to increased demand and new models.