BYD to seek Chinese stock listing by 2010

BYD Vice President (VP) Wang Jianjun has revealed that the automaker intends to seek a listing in the Chinese market by 2010. The automaker recorded a 30% year-on-year increase in revenues during the first half of this year to 16.1 billion yuan (US$2.3 billion), compared with year-earlier revenues of 12.4 billion yuan (US$1.8 billion). BYD also managed to sell 176,814 vehicles during the period, thanks to its recently launched new models and the popular F3-R compact passenger car. It expects to exceed its 2009 vehicle sales target of 400,000 units. Moreover, given the growing awareness over alternative-fuel vehicles in global markets and the experience in rechargeable battery development available from its parent company, BYD has ambitions to sell as many as nine million such vehicles globally by 2025. (September 2, 2009)