BYD has also proudly announced its plan for the DM (Dual Mode) electric models. Based on its strength in ferrous battery and clean eco-friendly power-train technologies, BYD has attracted the investment from U.S. energy giant Buffett in exploring the electric vehicle market.
BYD applied its DM system to the production of all its vehicles. The BYD F3DM was launched in December 2008 while the BYD F0DM and BYD F6DM has been gone on sale in 2009.
BYD sold 170,000 units and has planned to double the yearly sales to 400,000 vehicles in 2009.
This ambitious target is expected to help BYD overtake Geely Auto and become the second largest independent Chinese automaker by annual sales after Chery Auto.
BYD designed its own batteries that power the DM electric vehicles instead of contracting the power system out like most automakers. Toyota to Panasonic.
The proprietary batteries use lithium-ion iron phosphate. BYD states these batteries will last 600,000 km or 10 years before they will need to be replaced.
The stock price of BYD was HKD12.00 in Dec and now it reached HKD20.00 and will hit HKD180.00 by end Dec 2010.