SHENZHEN – U.S. billionaire investor Warren Buffett arrived in Shenzhen on September 27 to attend a series of electric car promotions put on by BYD.
Electric charging stations building plan
On September 27, BYD signed a deal with China Southern Power Grid to build electric charging stations. Backed by BYD’s iron cell technology, the project’s goal is to improve the main transformer’s loading rate and to reduce the valley-to-peak value of the power grid through methods like peak clipping and valley adjusting. Located in Shenzhen, Guangdong Province, the charging station is expected to be completed by December, 2010.
Sales of the 1 millionth car
Buffett also attended a ceremony marking BYD’s 1 millionth car sold. BYD has produced and sold the million in just seven years, sustaining a 100-percent growth rate for the fifth straight year since it first debuted in the auto industry. The company attained total sales of 448,000 vehicles in 2009, posting year-on-year growth of 162 percent. And sales of BYD products in the Jan-Aug period this year were 353, 129 units.
After putting its M6 and L3 models onto the market, BYD plans to enter the mid- and high-level sector, where cars range from ¥100,000-200,000 ($14,706-29412), by unveiling its S6 and i6 models at some point in the remainder of 2010.
In the building of the service system, BYD owns more than 1,000 level-one service locations nationwide, and over 700 of them are in the “4S” level.
BYD also signed an agreement in June with CGL, a subsidiary of Societe Generale SA, to jointly establish the BYD Auto Finance Co. to provide loan support to its dealers.
The debut of F3DM
After debuting in Shenzhen, BYD will launch its F3DM electric hybrid car in Hangzhou, Shanghai, Hefei and Changchun, four pilot cities for the private purchase of new energy vehicles. This number will grow to 25 cities eventually.
F3DM, the first dual-mode electric vehicle in the world, is able to operate without charging stations and is priced at only ¥89,800, after the maximum allowable central government subsidy and the Shenzhen municipal government subsidy, which are ¥50,000 and ¥30,000 respectively.
The E6’s smooth performance for 600,000 kilometers
Earlier in May this year, the first batch of E6 pure electric taxis was put into operation in Shenzhen. The taxis have performed smoothly, driving 600,000 kilometers in the past four months. The E6’s smooth performance in Shenzhen has “heightened BYD’s spirit of green technology and vehicle development,” Buffett said.
“Our joint strengh is based on high tech cooperation, and BYD has a bright future,” Buffett said. “BYD is the right choice for me. …Like the name, let us ‘build our dreams’ together,” added the investor.