Jul. 29, 2009 (China Knowledge) - BYD Co<1211>, China's largest rechargeable battery maker and a well-known automobile producer, has set its sales target for next year at 700,000 vehicles, a target 75% higher than its target for this year, a senior executive said on Monday, Reuters reported.
Henry Li, general manager of BYD's auto export trade unit, said the company will focus on domestic growth as sales in overseas markets will account for a minimal portion of the total amid the global financial crisis, according to the report.
Shenzhen-based BYD last year sold 170,000 vehicles. The company sold 176,795 vehicles, or about 44% of its target for this year, in the period from January to June, achieving a significant growth of 176% from a year earlier.
The company aims to expand its product line-up and capacity. BYD last Friday signed an agreement with Foshan Weishang Technology Industry Development Group to pay RMB 60 million for the latter's stake in Hunan Midea Coach, a bus maker based in Changsha, the capital of Hunan Province.
On Saturday, BYD signed an agreement with the Changsha municipal government to invest in a manufacturing plant that will produce new-energy buses and minivans.
On the same day, the company also said it plans to set up a new plant in Xi'an to expand its production capacity. The new plant will have an annual output of 400,000 units and will produce F3 cars, other new models and auto parts.
Early this month, BYD said it was seeking A-share listing on the Shenzhen Stock Exchange, and would issue not more than 100 million shares in an initial public offering to raise RMB 2.85 billion, which will be invested in the production of lithium ion batteries, the expansion of an automobile parts and accessories unit, and the second phase of a solar battery manufacturing project.