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Warren Buffett seeks backed BYD buzz Tesla for its cars Dynasty.
BYD will use the proceeds of the offering to fund an expansion of the battery production and research PA.
BYD showed off its latest model of compact SUV in lights and dance show in Beijing, the largest manufacturer China electric car seeks to replicate a buzz Tesla Motors as competition in a crowded market.
Yuan, named after the 13th century Chinese dynasty established by conquering Mongols begins from 59900 yuan 12057 for gasoline-engine version of its arrival on Monday - timed before the Beijing auto show later this month - marks BYD's entry into the commercial vehicle segment sport popular range input from young urban professional families and singles.
The automaker perhaps best known worldwide for earning an investment Warren Buffett's Berkshire Hathaway has made its top priority brand for the next two to three years, senior vice president of BYD Stella Li said in an interview while assimilating BYD Chairman Wang Chuanfu a marathon runner and head of Tesla Elon Musk in a sprinter, she recognized the inability of BYD to draw consumer lines on the doors of the outlets demand for its cars.
We don not have the chance now to sell tens of thousands of cars before producing a single, Li said, referring to consumer reservations have to model 3 this month Tesla Day, we can do will be the day where our brand is established.
By naming its models after various Chinese kingdoms through a line Dynasties, BYD apart from other automakers that use letters and numbers to indicate their range - think Audi A6, BMW 3 Series and Mercedes-Benz class S simultaneously, BYD may create a brand identity associated with Chinese culture so that it resonates less on overseas markets.
Chinese automakers, such as Korean and Japanese brands before them, struggling to improve their image and go beyond reputations for cheap, commercial vehicles sometimes accused to scam competitors more established BYD, a marketing image mass hinders the ability of the company to charge a premium and differentiate its brand.
As the largest manufacturer of electric vehicles, BYD is vulnerable to being squeezed out of the upper end of the market by companies such as Tesla, with its cult appeal as China that consumers pay a premium for the low-end, tens small manufacturers compete on price.
A host of companies, often without experience of taking the car, also staked a claim to creating connected electric vehicles that the government has encouraged technology companies to help improve the traditional automotive industry.
With the increasing size of the new vehicle energy cake, many players arrive and the industry will enter a period of reshuffle, the president Wang said yesterday evening we think of what we should do in the future each day.
The popularity of Tesla and the whole of China expanding competitors electric cars put pressure on BYD said Steve Man, an analyst based in Hong Kong covering the automotive industry Bloomberg Intelligence.
recognizable fame and success as an entrepreneur Elon Musk made him a strong voice for Tesla, BYD said it will probably need to build more awareness to maintain its market share.
Tesla shares have gained 19 percent last year, while BYD fell 15 percent in Hong Kong trading Gary Tao, spokesman Beijing-based Tesla didn t comment on Li's remarks about You're here.
What BYD hopes to achieve through its branding is to position ourselves as a company that's in the earth, who will provide what we promise and with a long term goal, Li said that we only charge t seek glory one time or satisfaction, but take a long view BYD hopes to create a business that will be around for a hundred years.
While BYD is the selection of a consulting firm to advise on the redesign of the brand image, subtle changes already appeared at the Monday event in Beijing instead of delivering his speech behind a lectern, as he did it last year with an inaugural event fan BYD in Shenzhen, Wang roamed the stage in a Steve Jobs presentation style He outlined the vision of the company and its responsibility to make the air cleaner and the roads safer for the hundreds of fans gathered and the media, avoiding the use of technical terms to describe the company's technology.
We have the chance to seize the rare opportunity in a hundred years as demand for electric vehicles picks, Wang said, flanked by company cars, we have to take responsibility to make a change and beneficial for our children.
Warren Buffettbacked BYD seeks buzz Tesla for its cars Dynasty, Warren, looking, tesla.