Sector brief:  Manufacturing

BYD electric car wants to be world's largest

November 26, 2009: The BYD electric car is a major success almost certainly because of the investment of U.S. billionaire investor Warren Buffet, who bought 10% of the electric car and battery maker.

Wang Chuanfu, a 43-year-old entrepreneur, founded BYD and his company became interationally known when U.S. billionaire investor Warren Buffet bought 10% of the electric car and battery maker.

 

Since then BYD's stock has surged more than seven-fold over the past year, making Wang Chuanfu the richest man in China according to Forbes magazine which estimated he had a net worth of $5.8 billion.

 

Gadgetophilia reported that Jasmine Huang, a senior marketing representative for BYD, said in a phone interview, "It’s our company’s long-term target, to be China’s No. 1 automaker by 2015 and to be the world’s leading car maker by 2025,

“So far, our sales come mainly from domestic demand, but we are also thinking of expanding to overseas markets.”

She was confirming similar comments made by another BYD executive, deputy general manager Wang Jianjun, to the state-run newspaper China Daily.