"BYD is a company that can't be underestimated," Charles Guo, analyst with JP Morgan told Reuters. "If the Chinese vehicle market expands 10 percent this year BYD's sales will grow at least 40 percent - 50 or even 60 percent is also a possibility."
In the end of 2009, BYD raised its target for 2010 to 800,000 vehicles, almost double the size of the volume registered in 2009. Not far fetched, BYD believes, considering it is playing the game on a market which became the world's largest auto market last year, leaping 46 percent to 13.6 million vehicles.
But the car market is not the only segment in which BYD conducts its business. Overall, the Warren Buffett – backed company is expected to reach impressive levels thanks to its electric vehicle battery manufacturing division.
Aside for plans to expand to Europe and North America, BYD has also signed a memorandum of understanding with Daimler o create an electric vehicle destined for the booming Chinese market.
Last year, the Chinese automotive market saw a 45 percent increase, reaching a total figure of 13.6 million vehicles, thus overtaking the U.S. as the world’s biggest auto market for the first time in history.
Sales forecasts for the current year show that China’s market will register a double-digit growth, exceeding 15 million units, as the country’s authorities have developed new subsidies programs, which encourage the purchase of new vehicles.
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