BYD Chairman predicts resurgence in 2013

Gasgoo.com (Shanghai June 18) - Thanks to three years of intensive restructuring and reorganization, BYD Founder and Chairman Wang Chuanfu predicts his company's fortunes to make a turn for the better in 2013, the Beijing Morning Post reported today. Mr. Wang made the comments at the manufacturer's recently-held shareholder summit, boasting that 2013 will be a "year of resurgence" for BYD.

According to Mr. Wang (pictured above), BYD's IT and automobile operations are anticipated to perform very strongly, with its electric taxi subsidiary company Pengcheng Electric already reporting profits. BYD's automobile sales are expected to grow ten percent to 30 percent this year, slightly higher than the predicted industry growth rate of eight percent. Monthly sales of the F3 Surui (pictured below) are currently exceeding 9,000 units, while sales of the Sirui and M6 are continuing to grow.

Despite favorable government policies, increasing fuel prices and other factors, BYD hasn't had an easy time selling its flagship pure EVs. However, taxi EV subsidiary Pengcheng has managed to perform strongly. According to statistics, Pengcheng's first quarter profit exceeded over five million yuan ($812,579). Its total annual profit is predicted to break the 20 million yuan ($3.25m) barrier. Commenting on American EV manufacturer Tesla, Mr. Wang acknowledged that the company had done a remarkable job of marketing and raising consumer awareness about pure EVs in the US. However, he was quick to add that market conditions, not technology itself, was key in selling EVs. He said that it would take four to five years to cultivate favorable market conditions. However, if those conditions materialize, "BYD could make a Tesla any minute," he boasted.