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BYD revenue view shows Chinese automaker finally delivering green-car promise

May 23 (Reuters) – Chinese automaker BYD Co Ltd expects revenue from electric vehicles to rise almost sevenfold this year, in a sign the business that convinced Warren Buffett to invest is finally taking off.

Li Yunfei, deputy general manager of BYD’s sales unit, this week said order momentum indicates electric vehicle sales of 10 billion yuan ($1.60 billion), equivalent to about 20 percent of 2013 revenue. Last year, such sales amounted to just 3 percent.

Sales of electric cars, buses and plug-in hybrid vehicles have been slow since BYD entered the market in 2006, using in-house technology financed by selling gasoline vehicles and cellphone batteries.

Last year, BYD sold just 1,544 e6 electric cars, showed data from the China Association of Automobile Manufacturers. But this year, BYD aims to sell more than 20,000 Qin plug-in hybrids.
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