Chinese battery and car maker BYD Co. said on 15 March it plans to boost capital spending 59 percent in 2010 to expand its automobile production amid robust domestic demand.
China replaced the US as the world’s biggest auto market last year, when sales in China rose 46 percent to 13.6 million cars as the government introduced measures to encourage auto purchases amid the global financial crisis. Shenzhen-based BYD benefited from those measures, which helped the company more than double its sales to 450,000 cars in 2009. The carmaker reiterated last Monday its target of selling 800,000 autos this year.
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(Source: The Wall Street Journal Online)