Chinese automaker BYD Auto Company (1211.HK) yesterday confirmed plans to enter the U.S. market in 2011 with a range of pure electric and plug-in hybrid vehicles.
The company was the first to market with a mass-produced plug-in hybrid, called the F3DM.
BYD said its future lineup will include the F3DM and the battery-powered e6, a mid-size five-passenger crossover vehicle, which the company claims has a range of up to 250 miles on a single charge.
Speaking from the floor of the North American International Auto Show at Detroit’s Cobo Center, BYD Chairman and President Wang Chuanfu also said the company plans to set up manufacturing facilities in the U.S. "when it is appropriate."
Powering the company’s vehiclers is BYD’s own Fe battery. BYD says the Fe battery can be quick-charged to 50% of capacity in only 10 minutes, and will have a life cycle of more than 10 years.
The Fe battery is used in the e6 electric crossover vehicle, as well as BYD’s new Dual Mode family of plug-in hybrid vehicles, including the compact F3DM sedan and the mid-size F6DM sedan, which can run in either pure-electric or hybrid-electric mode.
At the Detroit conference, Wang was joined by David Sokol, chairman of MidAmerican Energy Holdings, the energy wing of Warren Buffett’s Berkshire Hathaway, which last fall acquired a 10% stake in BYD Auto’s parent company, BYD Company Ltd.
Sokol said, "We are working with BYD on developing charging technologies and infrastructure that would help promote plug-in hybrid and all-electric vehicles. For the electric-vehicle market to mature, the underlying charging infrastructure and technologies must mature at least simultaneously, if not first. Perhaps like no other corporate entity in the world, we are in a position to help make that happen."
Sokol, who is a member of BYD’s board of directors, also said MidAmerican Energy Holdings is working with BYD on demonstration projects that will allow the partners to store energy from such renewable sources as wind and solar, to be deployed into the grid when needed.
In Related News…
Toyota (NYSE: TM) announced the third generation of Prius hybrids will go on sale in Japan and the U.S. in late spring.
Toyota said the newest model gets even better gas mileage and has a more powerful engine. The previously reported roof solar panels on high-end models will power a ventilation system to cool interior air while parked on sunny days–thus reducing the need for air conditioning.
Read the full Reuters report at the link below.
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Huge opportunity with this company and deployment in the U.S. will come quickly. In my opinion it’s a solid investment opportunity with excellent growth potential. BYD is in the perfect possession to capitalize on the sustainable-minded American consumer. If the U.S. auto manufacturers can change and survive their capital concerns, we will see all of them fallow in the footsteps of BYD in some form or fashion. You only have to drive down the street to see a Japanese or Korean car so don’t believe that the Chinese will not deploy here to take as much market share as possible. BYD has over 500 engineers working around the clock to develop new technology. The European markets are also on a rapid pace of change for sustainable, renewable, and clean energy technology.
Scott O’Neal