Chinese automaker BYD Company will establish a sales headquarters in the United States, and is currently trying to determine where it will be sited, said Wang Chuanfu, board chairman and president of BYD.
BYD will allocate 10 billion yuan (US$1`.46 billion) of capital expenditure for this year, well above the 6.3 billion yuan spent in 2009, Wang said. Its investment will mainly be used to expand production via the establishment of an auto manufacturing base in Changsha and new auto and parts factories in Xian.
BYD also has plans to introduce its E6 electric car to the US market during this year's second half.
MidAmerican Energy Holdings Co., a subsidiary of Warren Buffett's Berkshire Hathaway, holds a 9.89 per cent stake in BYD. (Source: Tradingmarkets.com, Mar 16, 2010).