Chinese electric carmaker will enter the US market with four new models
BYD's stylish F7 EV Image: Abdullah AlBargan |
After failing to achieve its previous target of selling in the US by 2010, BYD Co believes it will be ready to launch in America in 2015.
The company, backed by billionaire investor Warren Buffet’s Berkshire Hathaway Inc, has announced plans to introduce about four new models by the end of next year.
Senior VP of BYD’s US business Stella Li claims, “back then, we had passion, but we had no brand, no history, no capital and no competitive advantage”, but she believes the brand has now become “more fashionable”. Crucially, the automaker has concentrated on safety and design and will market its cars based on “quality and innovation” as opposed to price.
BYD already sells versions of its K9 bus and E6 taxis in the US, Colombia and the UK and is also planning to open a factory near Sao Paolo to build buses for the upcoming World Cup in June.
The ambitious company saw profits tumble 97% in 2012 as it went through a tough restructuring. Despite generous government subsidies of up to 500,000 yuan, BYD could not generate a high volume of sales in its home market last year.
Nonetheless, Li remains optimistic and believes EV sales will take off this year. “The public has moved from doubt to recognition to adoption… 2014 will be the year we start to harvest the fruits of our labour.”