BYD may miss 2010 sales target, reports People's Daily
BYD Co., the Chinese automaker backed by American billionaire investor Warren Buffett, will likely miss its 600,000-unit sales target for auto sales in 2010, reports the People's Daily.
Company spokesman Paul Lin told the state-owned newspaper that BYD sold approximately 520,000 to 550,000 cars in 2010.
Early this year, BYD forecast sales of 800,000 units, then reduced its sales target to 600,000 vehicles last summer.
Last year, BYD's sales more than doubled as it overtook Chery to become China's largest own-brand automaker. But the company added too many dealerships, and a number of outlets went bankrupt this year. The company's sales started declining in August.
