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Saturday, August 22, 2009

BYD to Sell Electric Car in US by 2010

BYD is finalizing plans for an all-electric battery car that would be sold in the U.S. next year, one year ahead of schedule. BYD wants to build up its brand name in the U.S. by offering one of its most advanced cars, the five-seat e6, before eventually expanding its offerings.

The e6 is a 5 seater MPV with similar styling to the Honda Odyssey with 400 km battery range. Priced at around $40,000, after US government rebate $32,500, the e6 will be in the same price bracket as the Chevy Volt. BYD hopes to enter Europe with a similar strategy in 2011 or later.

Listed in Hong Kong, BYD plans to sell up to 100 million new shares in mainland China ahead of a listing on the Shenzhen Stock Exchange as early as next year. The offering, which still needs government approval, could raise up to $500 million based on current prices.

BYD already sells a plug-in hybrid car with a small gasoline engine to charge batteries that is called the F3DM. BYD began selling it late last year to fleet customers but hasn't made it available for consumers in China yet. BYD is waiting for government incentives for private buyers in China to buy "new energy cars."

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