BYD, a Hong Kong-listed handset battery maker, plans to export its own-branded electric cars to the United States and western Europe by the middle of next year.
'We aim to sell 1.5 million vehicles in eight years' time with the export business making up 50 per cent,' said Xia Zhibing, a general manager at BYD Auto Sales, on the sidelines of the Guangzhou car show yesterday.
BYD, whose battery clients include Motorola and Nokia, is seeking to tap into growing global demand for environmentally friendly cars, amid rising fuel prices and concerns about global warming.
Sales of its F-series electric cars will reach 100,000 this year, a 100 per cent increase from last year.
'We expect to sell 200,000 units next year by rolling out three new models.' Mr Xia said. 'Eventually, we hope the [car] segment will account for 50 per cent of the company's business from less than 20 per cent now.'
BYD expects to raise up to US$1 billion by spinning off its handset components unit by the end of the year, sources said.
BYD is one of five mainland carmakers that will exhibit at the Detroit car show early next year as it prepares to expand its export business.
