BYD Targets Double Sale in 2009
2009-06-19 Source：english.chinabuses.com
Chinese automaker BYD Company raises its sales target from 200,000 units last year to 400,000 this year due to the government subsidizes energy-saving and environment-friendly vehicles. Mr. Wang Chuanfu, the chairman of BYD, says automobile sales have rebounded sharply in the first quarter of this year, with aggregate sales of about 50,000 units in January and February. He set the company's sales target at 400,000 for the year, double the 200,000 sold last year. Wang expected that the Shenzhen municipal government will fork out a subsidy of 30,000 Yuan for each of the green vehicle buyer in the second half. The measure should significantly galvanize sales of the company's energy-saving vehicles.
The central government gave BYD a 359 million Yuan subsidy last year and Wang believes the government will continue to finance the company because of its exploration in new energy and environmental areas. BYD posted a 37 percent decrease in net profit to 1.02 billion Yuan in 2008, while its turnover rose 26 percent to 26.78 billion Yuan.
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