BYD targets U.S., European markets for export growth

Shanghai, February 25 (Gasgoo.com) BYD Co, a Chinese battery and electric car maker backed by U.S. billionaire Warren Buffett, aims to boost its car exports by targeting the U.S. and European markets where demands are improving with economic recovery, media reported.

BYD aims to export as much as 10% of the 800,000 vehicles it expects to produce and sell this year. Last year, its overseas sales were just 2.2% of the 450,000 vehicles it sold, said BYD Marketing Manager Paul Lin, Reuters reported.

"Exports in 2009 were about the same as 2008 due to the financial crisis," Lin said. "Exports this year should be many times higher." He said BYD aims to sell its clean-technology cars in Western Europe next year, following plans to export electric cars to the U.S. later this year.

"West Europe is a mature market and competition is keen," he said. "We see opportunities in new energy cars because we are on the same track" as Western automakers in making them.

BYD has said it aims to be a major player in the global auto industry by 2025, with annual vehicle sales of up to 9 million units. Its F3 sedan was the best-selling car in China last year.

The company has exported to more than 70 countries, mainly in emerging markets such as Egypt, Russia, Iran and countries in Southeast Asia.

Founded in 1995, BYD has enjoyed a rapid rise, first as a cell-phone battery maker and recently making cars. Buffett's Berkshire Hathaway bought a 10% stake in BYD in 2008.