25 August 2019

BYD aims to sell 20,000 green cars this year, chairman says

BYD Co. Ltd. (01211.HK) aims to sell 20,000 hybrid and pure electric automobiles this year, a huge jump compared to last year when it sold only about 2,000 such vehicles, chairman Wang Chuanfu {王傳福} said on Thursday.

The Shenzhen-based firm expects to sell 15,000 units of Qin, a hybrid car, and 5,000 units of pure electric automobiles — the e6 and K9 models — in 2014, Wang said in a post-results media briefing in Hong Kong. The company has sold 2,500 green cars so far this year, he said. 

“This year will be a turning point of our new-energy car segment as we expect to receive a lot of new orders,” Wang said. The Qin model is likely to be welcomed by the market as it is affordable for families purchasing their first cars, he said, also pointing out that the vehicle can shift between electric and combustion modes to suit different use on roads. 

US-based automaker Tesla Motors Inc. has made some progress in sales of its green cars in mainland China but it is unlikely to be in direct competition with BYD as the American firm targets high-end users, Wang said. “We are focusing on the mass market as our Qin model is priced at an affordable range for first-time car buyers.”

BYD plans to launch its Tang model, another hybrid car, in the fourth quarter this year.

In other comments, Wang said that although the central government in Beijing has unveiled supportive measures for new-energy car makers, some local governments still have a protectionist mindset as they favor their local firms. Fortunately, the situation has been improving recently, he said.

As sales of automobiles in key Chinese cities are likely to double in the coming six years, or grow at about 15 percent annually, BYD will enjoy tremendous opportunities in the market, Wang said. 

–Contact HKEJ at [email protected]



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