BYD Company Ltd predicts it will make a profit from its electric vehicle business, in which it has invested 5 billion yuan ($800.12 million), in the fourth quarter of this year, the National News Daily quoted Wang Chuanfu, company president, as saying.
“The new energy vehicles will reach a new inflection point in 2014, and at that time we will make greater profits,” he said.
The predictions about the fourth quarter result mainly from the batch purchases of electronic vehicles that public traffic and taxi companies have made recently.
BYD introduced city buses and electrification systems for taxis on Sunday.
The markets responded to the decision with enthusiasm. Shares of BYD rose 3.26 percent to 15.20 yuan each, as the broader market fell decreased.
Analysts said having BYD contribute to the public transportation system will be an effective way to develop green vehicles.
“Government subsidies must be a short-term behavior, and marketization is something that new-energy autos should be adapted to,” Wang said.
mengfanbin@chinadaily.com.cn
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