BYD sees modest growth in vehicle sales

BYD Co.’s first-half net profit more than doubled from the previous year, as the Chinese battery and carmaker benefited from the Chinese governments measures to boost car sales of green vehicles. BYD said net profits totaled 2.42 billion yuan (US$356.4 million) for the six months ended June 30, up from 1.18 billion yuan (US$173.81 million) during the same period a year earlier. But Chairman Wang Chuanfu said that “modest growth” is likely for the domestic auto industry in coming months. The Shenzhen-based company also said it intends to establish regional sales offices in North America and Western Europe to. Established in 1995, BYD began as a manufacturer of rechargeable lithium-ion and nickel batteries and branched out into producing cellphone parts and alternative-fueled cars. (August 23, 2010)