Hybrids Will Outpace Electric Cars in China, Says BYD Chairman
BEIJING (Caixin Online) — Since late last year, the Chinese government has issued a series of policies designed to encourage the development of new-energy vehicles, boosting market confidence for the sector.
Many analysts say the industry will soon boom, putting domestic leader BYD Auto Co. 1211, +0.28% 002594, +0.18% BYDDF, -0.15% in the investor spotlight. Over the past year, BYD’s share price on the Shenzhen and Hong Kong bourses has risen nearly 100%.
In December, BYD launched a new plug-in hybrid model called the Qin. Over the first half of the year, some 6,600 of the cars were sold in the country, matching the auto maker’s total electric-car sales over the past five years. BYD has also received more orders for its electric buses. Wang Chuanfu, BYD’s chief executive officer, said its sales revenue of e-buses is expected to hit 10 billion yuan ($1.63 billion) this year.
BYD’s production capacity will have a hard time meeting this surging demand. Its auto-battery production lines are running at full capacity, so the company plans to open a new facility in Shenzhen this year.
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