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Tuesday, 1 September 2009

Chinese carmaker to sell electric cars in U.S. next year

Very fast work...BYD, the Chinese carmaker backed by famed U.S. investor Warren Buffett and his Berkshire Hathaway holding company, said Monday it will start selling its small all-electric models in the U.S. market next year ­ a full year ahead of schedule.

Wang Chuanfu, BYD's chairman said in Hong Kong the company almost doubled its profits in the first half of this year and he is considering selling more shares to Berkshire, according to the London Financial Times.

MidAmerican Holdings, a unit of Berkshire, bought 10 per cent of BYD last September. Since then BVD shares have soared to six times the price it paid.

BYD is a world leader in new-generation battery technology. It also makes cars with conventional power trains.

BYD sold its first branded car in China in 2006. Its sales target for 2009 is 400,000 cars, all-electric and gasoline -powered, helped by government subsidies for small car.