China # 39; BYD Battery Sales Estimate Skyrockets
Chinese carmaker BYD says sales of electric cars can triple this year.
National and local Chinese governments penalize vehicles with combustion engine and incentivizing plug-in vehicles with a variety of discounts, tax advantages and registration rights.
The push for electric cars has two first goals, it is part of an intense effort to reduce air pollution notorious and dangerous in Chinese cities.
Second, it encourages Chinese automakers become familiar with the design and construction of plug-in cars, which it considers an essential part of the global automotive market in the coming years.
New energy vehicles include both battery electric vehicles without emission and plug-in hybrids, the latter being much more popular.
The network of public charging stations in China is uneven, and a huge percentage of new car buyers live in high-rise apartments rather than single family homes.
This makes it quite difficult to know if one of these plug-in hybrids are actually never connected.
Last year, vehicle sales in new energy in China totaled more than 330,000.
This figure, however, includes what would be considered low speed electric vehicles or neighborhood that aren t included in the total North American and European sales.
The official goal is for China to have 5 million such vehicles on its roads by 2020.
Famed investor Warren Buffet has taken a stake in BYD in 2008, through his holding company Berkshire Hathaway company, and has held ever since.
While BYD plans to launch its cars in the U S market several years ago, he pulled back the plans and focuses on electric buses instead.
California startup Tesla Motors electric car will start taking orders next quarter in China for its Model X SUV luxury crossover, even before he launches the car in Europe.
The company had early hopes of strong success in China, but he stumbled in the first and replaced the head of its Chinese unit.
The growth of the market for new energy vehicles, however, is likely to help the long-term aspirations in China, which include a production plan for the vehicle model 3 unveil this week.
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Chinese carmaker BYD says sales of electriccar can triple this year, Chinese automaker says.
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