Chinese carmaker BYD Auto Ltd. plans to begin marketing EU5 emissions standard compliant cars in 2011, the company announced at a press conference at the 80th International Motor Show in Geneva yesterday. BYD plans to focus on cars with "new energy" engines, meaning hybrids and electric cars.
The announcement means that BYD can officially begin marketing its cars in Israel next year. BYD is China's sixth largest carmaker, and is expected to manufacture almost 800,000 cars this year.
Warren Buffett is one of BYD's major investors, after buying 10% of the car from its parent company, battery manufacturer BYD Co Ltd. (Shenzhen: 1211). Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH) unit Clal Motors Ltd. represents BYD in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2010
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