BYD aims to sell 700,000 vehicles in 2010

Chinese automaker BYD Co. aims to sell 700,000 vehicles next year, an increase of 75% year-on-year from its 2009 sales target, reports Reuters. Henry Li, general manager of BYD’s automotive export unit, said that, “Exports will account for a minimal portion (of production) of several thousand to 10,000 units this year. This is because of the [on-going] financial crisis overseas; we are focused on domestic growth.” Meanwhile, BYD Auto has confirmed its decision to acquire Chinese bus and coach manufacturer Hunan Midea Coach for 60 million yuan (US$8.78 million) in a regulatory filing with the Hong Kong Stock Exchange. It intends to develop alternative-fuel bus models at the newly bought facility with an annual production capacity of 400,000 units. The company also revealed its intention to expand capacity at its plant in Xian, Shaanxi Province, to 400,000 vehicles per year, including its plug-in hybrid F3 sedan and a few new models slated to be launched in the near future. BYD managed to sell about 170,000 vehicles last year, but is targeting sales of 400,000 units for 2009 with the strong surge in the Chinese vehicle market due to the government’s economic stimulus package. (July 27, 2009)

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