BYD Marches into Solar Power

Shenzhen BYD Auto Co., Ltd. will march into the solar power market, disclosed a top executive of BYD Co., Ltd. (SEHK: 1211) in charge of public relations on November 19, 2009.

BYD Auto will focus on the construction of solar power photovoltaic stations and storage power stations as well as the manufacturing of renewable energy cars, according to the planning of BYD. In the future, BYD-branded electric vehicles will be fueled by solar power.

In the 2009 full year, BYD Auto plans to top its sales target of 400,000 cars, the head of BYD Auto Sales Co., Ltd. told reporters. In the first ten months, the company sold 330,000 vehicles, swelling more than 170% from a year earlier.

By far, BYD Auto has had eleven industrial parks respectively situated in Shenzhen, Xi’an, Changsha, Beijing, and Shanghai. In 2011, its production capacity is expected to surpass 1 million cars per year.

Currently, BYD, a rechargeable battery and auto maker, also has a presence in the field of mobile phone component manufacturing, and BYD Electronic (International) Co., Ltd. (SEHK: 0285) is responsible for the business.

Berkshire’s MidAmerican Energy Holdings Co. bought 225 million new shares of BYD for HK$8 apiece in July. The tie-up with Buffett may help boost BYD’s profile overseas and also reassure potential customers, Chief Executive Wang Chuanfu said last year. The automaker started selling the F3DM, the world’s first mass-produced plug-in hybrid car, in December.