China # 39; s anti-drive a Tesla electric car boom cheap
Tesla Elon Musk and facing a strong competitor †Warren Buffett and his Chinese auto company.
A model stands beside China BYD QIN at Auto China 2012 in Beijing April 24, 2012 BYD Co Ltd, a Chinese carmaker backed by US billionaire Warren Buffett, debuted its new generation plug-in sedan Monday and said it is likely sold by the end of this year or in early 2013 REUTERS Jason Lee.
LOS ANGELES Reuters - Chinese automaker BYD Co Ltd, backed by Berkshire Hathaway Inc. Brka n Warren Buffett, aims to triple its production of batteries as it takes Tesla Motors TSLA o in the race to provide electric vehicles and boost storage 'energy.
BYD Shenzhen-based plans to add 6 gigawatt of global production for batteries in each of the next three years, and hopes to continue to add to this rate later if demand is strong, Matthew Jurjevich, spokesman of the company said Friday.
This means BYD could ramp up capacity of 10 GWh at the end of this year about 34 GWh of batteries at the beginning of 2020 it would he even planned 5 billion Nevada gigafactory Tesla.
Companies are rapidly emerging two key players in the storage area of the nascent electricity storage technology is considered essential to integrate large amounts of renewable energy, because it can absorb excess power from wind farms or solar panels and keep only for use when conditions don t allow for energy production.
We demonstrated that BYD is able to add 6 GWh per year with a strong market demand, Jurjevich, who works for the unit of U S BYD, said in an interview.
The sector attracted Tesla, BYD and a range of start-up and the battery manufacturers valiant and should reach 1 5 billion by 2019 from 128 million in 2014 in the United States alone, according to GTM Research.
Billionaire financier and Berkshire Hathaway CEO Warren Buffett 2 R, Microsoft founder Bill Gates R, Berkshire Hathaway Vice Chairman Charlie Munger 2 L and the president and the president BYD Wang Chuanfu The gesture at the national launch ceremony for BYD M6 vehicle in Beijing September 29, 2010 REUTERS Jason Lee.
BYD, which has refused to provide investment budgets, ended last year with 4 GWh of capacity and 10 GWh will be later this year, the energy SU storage market is expected to triple this year 220 MW, depending on GTM.
Most of the production of BYD in China, but the company is opening a large new factory in Brazil this year will contribute significantly to the output next year, said Jurjevich.
BYD, which started making mobile phone batteries, will also increase the production in the United States that demand for its batteries increases, he added.
According to data released last year by Lux Research, BYD is the sixth largest manufacturer of batteries for hybrid and plug-in Panasonic 6752 T Corporation vehicles, making Tesla batteries, is the largest.
Tesla, founded by entrepreneur Elon Musk has said it will launch its own production of battery cells in Nevada in 2016 and reach 35 GWh capacity by 2020 Tesla does not produce the battery cells, according a spokesman for the company.
A charging spot is seen at the stage of Chinese automaker BYD during the Shanghai Auto Show opening day of April 19, 2011 REUTERS Carlos Barria.
BYD opened two manufacturing plants in Southern California in 2013 to produce electric buses for public transportation and batteries.
The company shocked many in 2003 when it launched its automotive business and has since become one of the fastest growing automakers in China outside of China, however, has focused on the sale of bus instead cars.
BYD plans to deploy 70 megawatt project in this market in the US this year, and another 130 MWh of projects in its pipeline U S.
It has already deployed 40 MWh projects in North America with customers including Chevron Corp. CVX n and Duke Energy Corp. duk No.
Compared Nichola Groom; Editing by Terry Wade and Alan Crosby.
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