BYD vehicle sales up 11% in 2013, report says
BYD Co.'s vehicle sales rose 11 percent to 506,000 units last year, falling short of its volume target for the year, according to Chinese media.
The company missed its target of 20 percent sales growth, reported the South Metropolis Daily, a newspaper based in the south China city of Shenzhen. As a result, BYD lost market share in China, where industry sales of light vehicles rose 16 percent.
BYD has yet to announce sales figures for 2013.
Headquartered in Shenzhen, BYD makes gasoline-powered vehicles, electric cars and plug-in hybrids. It also produces rechargeable batteries for electric devices.
Listed in Hong Kong and Shanghai, BYD is partly owned by U.S. billionaire Warren Buffett.
The company still is in turnaround mode, following an over-aggressive expansion of its dealer network. In 2013, billionaire founder and Chairman Wang Chuanfu completed a three-year reorganization, during which he cut the number of dealerships.
The company also reportedly has revived plans to enter the U.S. market. Stella Li, the senior vice president in charge of the company's U.S. business, told Bloomberg this month that BYD plans to introduce four models in the United States at the end of 2015.
BYD has yet to announce sales figures for 2013.
Headquartered in Shenzhen, BYD makes gasoline-powered vehicles, electric cars and plug-in hybrids. It also produces rechargeable batteries for electric devices.
Listed in Hong Kong and Shanghai, BYD is partly owned by U.S. billionaire Warren Buffett.
The company still is in turnaround mode, following an over-aggressive expansion of its dealer network. In 2013, billionaire founder and Chairman Wang Chuanfu completed a three-year reorganization, during which he cut the number of dealerships.
The company also reportedly has revived plans to enter the U.S. market. Stella Li, the senior vice president in charge of the company's U.S. business, told Bloomberg this month that BYD plans to introduce four models in the United States at the end of 2015.
