Warren Buffet-backed BYD to establish presence in Philippines
AFTER a succession of super-brand arrivals, another Chinese brand – with a bit of an American influence – is set to establish its presence in the Philippines. Sources said that BYD Auto is launching its Philippine branch soon and is bringing in the full complement of small and medium-sized cars, including hybrid electric vehicles and all-electric models. BYD’s image in the world of motoring got a tremendous boost in late December 2008, when billionaire Warren Buffett threw in $230 million on the acquisition of a 10% stake in BYD Auto’s parent, BYD Company which was founded in 2003. BYD Auto which is based in Shenzen, Guandong Province was among the top 10 auto companies in China in 2012, placing ninth with a production output of 610,000 passenger vehicles. A Forbes.com report said BYD said in April net profit quadrupled to 112.4 million yuan, or $18.1 million, in the first three months of the year as sales recovered from a decline last year.
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