BYD is finalising plans to sell an all-electric battery car in the US next year, according to Dow Jones Newswires.
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Chairman Wang Chuanfu Wang said BYD plans to use money from a planned new share sale in China to help pay for the move as well as for a second production line for lithium-ion batteries near its Shenzhen headquarters.
Wang said the company intends to build its brand name in the US by offering one of its most advanced cars, the five-seat e6, in a specific region within the country, initially marketing “a few hundred” models priced at slightly more than US$40,000, through a small number of dealers.
He added that the line up, and territorial coverage, would then be gradually expanded and that BYD hoped to enter Europe with a similar strategy in 2011 or later.
Hong Kong listed BYD plans to sell up to 100m new shares in mainland China ahead of a listing on the Shenzhen stock exchange as early as next year.
Dow Jones noted that the offering, which still needs government approval, could raise as much as US$500m based on current prices.
