Buffett-Backed BYD Struggled in 2010

Stock has lost half its value since April 2010 recently closing at HK$40.50.

Published: 31-Dec-2010

A missed sales target caps a tough year for shares of BYD, the Chinese electric car company backed by Warren Buffett's Berkshire Hathaway.

BYD tells Bloomberg that it will sell between 520,000 and 550,000 cars this year. That's below the already-reduced target of 600,000. In August, BYD cut that goal by 200,000 vehicles.

The Chinese company has started a trial program with the Los Angeles Housing Authority for an electric car fleet and it still expects to sell its K9 electric bus in the U.S. in 2011. Sales in the U.S., however, of the E6 electric car are now planned for 2012. That's two years behind schedule.

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