BEIJING, Mar 15, 2010 (Xinhua via COMTEX) — <\/p>\n
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. <\/p>\n
Wang said that BYD will not rule out the possibility of establishing factories in the US if sales prove favorable enough. <\/p>\n
BYD will allocate 10 billion yuan of capital expenditure for this year, well above the 6.3 billion yuan spent in 2009, Wang said. <\/p>\n
The investment<\/span><\/span><\/a> 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. <\/p>\n BYD also has plans to introduce its E6 electric car to the US market during this year’s second half. <\/p>\n 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. <\/p>\n 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. <\/p>\n 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. <\/p>\n MidAmerican Energy Holdings Co., a subsidiary of Warren Buffett’s Bershire Hathaway, holds a 9.89 percent stake in BYD. (Edited by Jiang Yujuan, jiangyj@xinhua.org) <\/p>\n For full details on (BYDDF) BYDDF<\/a>. (BYDDF) has Short Term PowerRatings at TradingMarkets. Details on (BYDDF) Short Term PowerRatings is available at This Link<\/a>.<\/p>\n Share Investor Links<\/span><\/a><\/a><\/p>\n Share Investor Blog<\/a> – Stockmarket & Business commentary Download the 2009 Warren Buffett Letter & 2009 Annual Report to Berkshire Hathaway Shareholders<\/span><\/a> Recommended Amazon Reading<\/span><\/p>\n
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