Late last year BYD announced it would be the world’s biggest car manufacturer by 2025, now it seems thatBYD are backing out of that goal in a bid to shore up meager sales in their home markets.
Two years ago, BYD Auto announced its ambition with certainty to become the No.1 automaker by sales in China in 2015 and 2025 over the world.
Under the pressure of a weakening auto market in China, the Warren Buffet-backed carmaker has become more and more low-key since August 4 when it slashed its full-year sales target in 2010 by 25 percent to 600,000 units.
The company’s Shenzhen-based spokesman Lin Mi told the Global Times Tuesday that they had been overconfident in the auto market this year and BYD’s ability to expand capacity. The BYD, whose founder says the name stands for Build Your Dreams, has decided to tap on the breaks to work more on its brand image.
Poor sales
In the past five years, BYD’s annual unit sales almost doubled every year, hitting in 2009 448,000 units, nearly tripling the sales over the previous year.
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