BYD launches F3 automatic transmission model

BYD Co, China's largest rechargeable batteries maker as well as automobile producer, has recently launched the F3 automatic transmission model globally, expecting to gain bigger market share, sources reported.

BYD set the price for the new F3 at RMB 79,800 and aims to sell 180,000 units in 2009.

The Shenzhen-based automaker said it expects the new model to help it gain a bigger market share as the Chinese government encourages the purchase of low-emission cars.

China recently issued details of industrial stimulus measures for the automobile sector. The government encourages consumers to buy low-emission vehicles and will offer some favorable polices on the low-emission and green energy cars purchases, say tax cuts. Besides, the government will also provide financial aid for domestic automakers and encourage them to develop self-owned brands.

China's auto sales hit 790,000 units last month, surpassing the U.S. for the first time and becoming the world's largest auto market.