Chinese automaker BYD Auto Co., Ltd. is reported to have sold less than 100 F3DM (dual-mode) EVs (electric vehicles) by the end of this August, and Morgan Stanley thought that the actual F3DM sales would fall far behind the goal of 3000 to 4000 units set earlier this year.
However, large Chinese automakers and regional government are still bullish on new energy vehicles, and making "abnormal" plans. Experts warmed that the blind expansion of new energy vehicles would possibly lead to redundant construction and overcapacity.
In December 2008, BYD unveiled the F3DM EV in Shenzhen, south China, with its selling price fixed at CNY 149,800. Both the battery pack and gasoline engine are installed on the BYD F3DM EV, which is the world's first EV independent of the professional charge stations, said Wang Chuanfu, president of BYD Co. Ltd., parent of BYD Auto.
Moreover, the automaker, China Construction Bank, and the Shenzhen government entered into the letter of intent on purchase of the F3DM EVs.
In June 20009, ten F3DM EVs were delivered to the municipal government of Shenzhen, the first of its kind to start service around the globe.
Previous reports said that this new model would successively hit another 14 domestic cities, including Guangzhou, Beijing, Shanghai, Xi'an, Qingdao, Xiamen, Hangzhou, Nanjing, Chengdu, Changsha, Jinan, Tianjin, and Wuhan.
Moreover, the e6, an EV model estimated to be sold for about CNY 300,000 apiece, is expected to hit the market at the end of this year. Earlier this year, the Chinese automaker unveiled the e6, the world's first 5-seater EV that can run 400 kilometers on a full charge, at the Detroit Motor Show.
This car model has an acceleration of 0 to 100 kph (kilometers per hour) in around 10 seconds, and its top speed can reach 160 kph. On January 12, 2009, BYD Auto announced that it was scheduled to set foot in the US EV and HEV market in 2011.
In recent years, BYD Auto has made a great breakthrough in energy saving and recession reduction. By October 2008, the BYD F3e EV and F6DM HEV (hybrid electric vehicle) had succeeded in the testing of 100,000-kilometer driving and collision safety.
The automaker sold 176,795 vehicles in the first half of 2009, skyrocketing 176 percent year on year, and planned to release five brand-new models in the second half, like S8, G3, L3, S6, and M6.