China’s BYD opens North American headquarters

BYD Co., maker of electric cars in China, opened its North American headquarters in a move that Los Angeles Mayor Antonio Villaraigosa said will be “a catalyst that ushers in good jobs, global investment and a more sustainable future.” BYD, which stands for “Build Your Dreams,” is based in the southern Chinese city of Shenzhen, and is half-owned by American interests. Profits of the company plunged this year due to a drop in car sales and tighter profit margins spurred by competition. The headquarters in Los Angeles will serve as the center for fleet sales of electric cars and buses. Research and development facilities will also be housed in the headquarters, as well as support for marketing, design and sales. The headquarters is strategically located near the Los Angeles and Long Beach ports, which together make up the largest port complex in the U.S. Billionaire Warren Buffett’s Berkshire Hathaway is part owner of BYD. The company manufactures electric and hybrid cars, charging systems, solar panels and LED lighting. It will import electric vehicles from overseas and will begin consumer sales next year. (October 25, 2011)