BEIJING, Mar 15, 2010 (Xinhua via COMTEX) —
Chinese automaker BYD Company (01211.HK) will establish a sales headquarters in the United States, and is currently trying to determine where it will be grounded, said Wang Chuanfu, board chairman and president of BYD, on Monday.
Wang said that BYD will not rule out the possibility of establishing factories in the US if sales prove favorable enough.
BYD will allocate 10 billion yuan of capital expenditure for this year, well above the 6.3 billion yuan spent in 2009, Wang said.
The investment will mainly be used to expand production via the establishment of an auto manufacturing base in Changsha and new auto and parts factories in Xian.
BYD also has plans to introduce its E6 electric car to the US market during this year’s second half.
Wang expects that BYD’s revenue from auto manufacturing will contributed more than 60 percent to the company’s total revenue in 2010, compared to 53 percent in 2009.
Its net profit jumped 271.46 percent on year to 3.79 billion yuan in 2009, thanks in part to the government’s auto consumption stimulus policies.
Li Qian, secretary of the BYD Group, said that BYD is considering an A-share listing, though no detailed timetable such a listing exists at present.
MidAmerican Energy Holdings Co., a subsidiary of Warren Buffett’s Bershire Hathaway, holds a 9.89 percent stake in BYD. (Edited by Jiang Yujuan, [email protected])
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