BYD Co makes rechargeable batteries and cars in Shenzhen in Guangdong province. Founded in February 1995, and listed in Hong Kong in 2002, the origin of the company’s name is uncertain, with some saying it could simply be an acronym based on its Chinese name or from the phrase “build your dreams”. BYD’s profile was raised in 2008 when a unit of billionaire Warren Buffett’s Berkshire Hathaway invested about US$230 million in BYD.

BYD says strong car sales over the past few months will boost its net profit by up to 4.2 times in the first quarter. Photo: May Tse

Guangdong eyes green car growth

Guangdong plans to spend 57.3 billion yuan (HK$70.82 billion) over the next 10 years to lead the mainland in producing new-energy vehicles, but will still fall far short of the sales target.