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BYD Looks to Triple EV Sales in 2016

China's push for EVs aids maker's quest.

by on Mar.30, 2016

China's BYD is looking to triple it sales to 150,000 units in 2016 compared with last year's results.

BYD Auto, the Chinese electric car company, which counts Warren Buffett among its investors, expects to triple its sales of EV this year with the help of incentives offered by the Chinese government, according to a statement from the company.

The Chinese automaker is already one of the largest builders of electric vehicles in the world and last year built more electric vehicles than rivals Tesla, Ford and General Motors. Only Nissan with its Leaf sold more electric-powered vehicles. In all, BYD delivered 58,000 vehicles in 2015, and expects to sell up to 150,000 vehicles this year.

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Global demand for battery-electric vehicles is expected to achieve a compound annual growth rate of 59.42%, according to a report available from Research and Markets of Dublin, Ireland. But this impressive growth could be even higher if BYD’s sales predictions are correct, the Irish firm suggested. (more…)