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PHOTO CAPTION: BYD Chairman Wang Chuanfu

Hybrids Will Outpace Electric Cars in China, Says BYD Chairman

Caixin Online interviews BYD's Wang Chuanfu, the founder and chairman of BYD, the company that builds electric buses and the Qin electric hybrid.

Published: 19-Sep-2014

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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