BYD to boost its car exports to 10% of sales in 2010

Shanghai, February 23 (Gasgoo.com) China's battery and electric car maker BYD Co Ltd aims to sharply boost its car exports this year as the global economic recovery improves demand, Reuters reported today, citing a company executive.

BYD, backed by U.S. billionaire Warren Buffett, plans to export up to 10% of the 800,000 vehicles it expects to produce and sell this year, a sharp increase from last year when it exported about 2.2% of its 450,000 vehicles sold, said marketing manager Paul Lin.

"Exports in 2009 were about the same as 2008 due to the financial crisis," Lin told Reuters at the company's headquarters in southern city of Shenzhen. "Exports this year should be many times higher."

BYD is aiming to enter the Western European market for clean-energy cars next year, following its plans to export all-electric e6 cars to the United States later this year.

Lin said the company's A-share IPO plan is in progress, and the offering will likely occur by year-end. Hong Kong-listed BYD plans to list A-shares in Shenzhen to help fund its expansion.