China BYD Gets & GreenCar& Approval in Two Cities MarketWatch

5 мая 2014 | Author: | Комментарии к записи China BYD Gets & GreenCar& Approval in Two Cities MarketWatch отключены
BAIC E150 EV Electric Cars

BYD Gets Green Light to Electric Cars in Beijing,

By Joanne Chiu. The Wall Journal

HONG KONG—Chinese car BYD Co. has gotten approval to sell its vehicles in Beijing and Shanghai, a breakthrough for the Warren Buffett company in efforts to kick-start its green cars business.

BYD has the necessary requirements to sell its cars in Beijing, said an at the Beijing Municipal Commission of and Information Technology on Wednesday, that the approval takes effect. The official, who declined to be said the city also the sale of state-owned BAIC Co.’s electric car, the


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BYD received approval to sell its hybrid, the Qin, in Shanghai as of a trial, according to a statement on the city’s municipal-government website

The company confirmed the approvals but to provide details about its for rolling out the vehicles in the two cities.

BYD was a pioneer in developing electric in China, it has struggled to win international for its green-vehicle technology, partly a of development delays and a lack of publicity.

News of the approvals sent Hong Kong-listed shares higher Wednesday. They up 9.6% at HK$47.85, the stock’s level since December Mr.

Buffett’s Berkshire Hathaway /quotes/nls/brk.a BRK.A +1.43% has a 10% stake in the company.

The green for BYD’s electric car came as Beijing residents have a week of hazardous-level air pollution the smog that has smothered the capital. Heavy pollution has much of northern and central since Thursday.

China’s government has been electric vehicles as a way to reduce but has been largely unsuccessful of difficulties in building charging The central government pledged for green car purchases of up to 60,000 yuan (US$9,790) each, municipal governments provided to green car makers with production facilities.

The Beijing government official Wednesday the city will also a local subsidy for the sale of e6 cars even though are built in Shenzhen. The official Beijing aims to have in around 1,000 charging in some 100 stations throughout the by the end of this year, up from 20 currently.

BYD has lobbied various city in China to permit the sales of its vehicles, though progress has slow due to a lack of local subsidies to promote sales and charging infrastructure.

It was previously impossible for ordinary consumers to use electric cars in Beijing of the many approvals that to be got, said Leping . an analyst at Nomura. He said the is positive for BYD, which is to have sold around electric cars last

In China, BYD’s all-electric e6 car has sold only in Shenzhen, the company is based, with the of the vehicles operating as taxicabs. BYD year leased several of its e6 to Hong Kong taxi though overall response was for the car with a hefty sticker of 370,000 Chinese yuan

The company has been using its of traditional cars and cellphone to fund the development of electric solar panels and other technologies, but sales from and full-electric cars still for less than 10% of the company’s revenue, analysts said.

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