Wang Chuan Fu : Good time to buy BYD

昨日，比亚迪在深圳中小板正式挂牌，回归A股市场的夙愿终得实现。

从昨日市场表现看，比亚迪股票受到投资者热烈追捧，与近期新股首日表现萎靡不振形成鲜明对比。比亚迪开盘报22元，较发行价18元涨 22.22%;终盘收于25.45元，远超在港上市的比亚迪股份当日上涨5.67%后25.15港元的收盘价，涨幅达41.39%，全天换手率高达 87.96%。比亚迪董事长王传福接受记者采访时表示，巴菲特现在没有减持计划;今年是电动车量产元年，新能源业务3年内将会有可观利润，现在正是买入比亚迪股票的好时机。

虽然比亚迪A股市场表现较为强势，但其刚刚公布的H股一季度财务报表却显示，净利润同比下滑84%。对此，王传福解释称，实际上今年一季度比去年四季度的表现已有进步，整体业绩正在改善，业绩下滑的原因一方面由于去年一季度利润偏高，而去年全年的趋势是国内汽车业发展速度放缓，另一方面与公司的新能源业务今年下半年才开始发力有关。王传福认为，总体来看，同比差一些，但环比向好。

对于坊间巴菲特要减持比亚迪股票的传闻，王传福予以澄清，称巴菲特现在没有减持的计划。而对于此次在A股市场上发行的新股规模缩水，王传福解释称，当初写筹备计划是在两三年前，现在市场环境发生了变化，因此规模会有所下降，不过这并不影响公司回归A股市场的决心，而这一点也恰恰证明现在是最好的买入机会。

“比亚迪汽车业务的主要市场还是在中国大陆，我们也希望实现产品市场和股票市场的统一。”针对为何回归A股的提问，王传福如是回答。

王传福预计，新能源业务3年内便会有可观利润。对于今年下半年的业绩展望，王传福认为有两个支撑点：一是下半年公交电动化的推动，新能源车(包括一部分公交电动大巴)大规模交货，对公司的新能源业务增长形成强大的支撑;二是今年下半年将面向私家车市场销售E6新车(深圳目前启用的电动出租车就是 E6)，这款车经过一年的出租车运营测试，性能更趋完善，这也将对公司的新能源业务形成较强支撑。

王传福昨日也介绍了深圳50台电动出租车的运营情况。据介绍，比亚迪提供的50台电动出租车已运行了13个月，累积里程已超过300万公里，单车里程最长已达到13万公里，相当于私家车开了6年的里程。在整个运营过程中，电池容量、行驶里程均保持稳定，没有出现任何安全事故。在今年深圳大运会期间，比亚迪将提供500台电动汽车，其中包括200台电动大巴和300台电动出租车。王传福认为，这是完全市场化的示范运营，意义非同一般，在全世界范围内也具有示范意义。

“电动车时代已经到来，电动车的瓶颈技术——电池问题已经解决，下一步将准备大规模生产。”王传福表示，2011年应该是比亚迪大规模量产电动车的元年，乘着国家“十二五”规划大力扶持新能源和电动汽车产业的春风，比亚迪也希望未来能够借助A股市场平台放大新能源业务的成长。

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SMRT in MOU to sell electric vehicles in Singapore

SMRT Corporation Ltd said on Thursday that its unit, subsidiary, SMRT International Pte Ltd (SMRT), has entered into a Memorandum of Understanding (MOU) with green energy technology company, BYD Company Limited, to distribute and sell electric vehicles in Singapore.

Both parties will enter into discussions on the possibility of establishing a joint venture to develop, distribute and sell electric vehicles, including e-buses and electric taxi vehicles.

The MOU with BYD underlines SMRT's commitment to environmental sustainability, the transport group said.

SMRT became the first public transport provider in Singapore and South East Asia to purchase Euro V compliant buses in May 2008, and now has more than 140 Euro V buses on the roads.

SMRT Buses also started trials for two environmentally-friendly buses in January 2011, the German-made MAN A22 Euro V bus and its first diesel-electric hybrid bus made by China's Zhong Tong.

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First BYD Electric Vehicles to Arrive in Nederlands

Yesterday BYD Company Ltd (BYD) and Rotterdam City entered into an agreement to deliver the BYD’s all-electric e6 vehicles as part of Nederland’s green transportation project “75-EV-RO” – the first e6’s in all of Europe. The Netherlands Prince Maurits van Oranje, Vice Mayor of Rotterdam Mrs. A. van Huffelen, Chinese Ambassador Mr. Zhang Jun and BYD’s Henry Li (Auto Division GM) were all present for the signing ceremony in Rotterdam City Hall. As part of the 75-EV-RO project, the Rotterdam government plans to purchase 75 new energy vehicles of different types to create a new energy fleet in Rotterdam. These projects will not only popularize the concept of electrified transportation, but also resolve public concerns over vehicle safety, charging technology and local environment impact.

“We are very proud to be a part of the ‘75-EV-RO’ project and we are very confident in the performance of our electric vehicles. We expect that our cooperation with Rotterdam government will be a big success”

At the core of the e6 technology is BYD’s Iron Phosphate or “Fe” battery technology. The Fe battery boasts the highest safety, longest service life and most environmentally friendly rechargeable chemistry. Integrating the “Fe” battery, the e6 (a 5-seat crossover all-electric vehicle) can travel up to 300 kM in range per charge. The BYD e6 has been used as taxis in Shenzhen, China for over a year now and is referenced in the recent “BYD Fleet Summary” released April 29^th, 2011. The fleet of 50 e6 Shenzhen taxis, in service since May 2010, have now surpassed 3 million kilometers in cumulative fleet miles. The successful operation of the e6 taxis in Shenzhen for over a year now has proven it’s reliability according to BYD officials. “We are very proud to be a part of the ‘75-EV-RO’ project and we are very confident in the performance of our electric vehicles. We expect that our cooperation with Rotterdam government will be a big success”, said BYD’s Mr. Li.

“The Rotterdam Government has been committed to the development of cleaner transportation and aims to make Rotterdam a cleaner, greener and more healthy city of Europe. The ‘75-EV-RO’ is one of the hybrid/Electric vehicle pilot projects that we have in hand. We are looking forward to testing the e6 and think the e6 is a great choice for this project”, added Mrs. van Huffelen.

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Indonesia says China's BYD in talks for car, battery plant

BYD Co Ltd , a Chinese car and battery maker backed by billionaire Warren Buffett, is in talks to build a car or battery plant in Indonesia worth around $200 million, Indonesia's investment chief told Reuters on Saturday.

Gita Wirjawan, speaking during a two-day visit by Chinese Premier Wen Jiabao to Indonesia, said the firm was looking for local partners in Southeast Asia's biggest economy, which is seeing surging consumer demand for cars.  

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BYD Announces EV Fleet Results at Anniversary of Green-Taxi Project

Today marks the one year anniversary of the world's largest all-electric vehicle Taxi fleet,manufactured by BYD. In conjunction with this anniversary, BYD announced results of several of itselectric vehicle pilots - the F3DM, e6 and eBUS-12 which are in fleet testing across the world. Fifty of BYD's e6, five-seat crossover vehicles, each with a range of over 160 miles (up to 300 Km) and a top speed of 88 mph (140km/h), have been in service at Shenzhen-based Pengcheng Electric Taxi Company since April 29, 2010. The Shenzhen e6 Taxi fleet has now accumulated ~1,730,000 all-electric miles (or 2.77 million kilometers). The distance traveled for single fleet vehicles has reached ~63,000 miles each (>100,000 km). "This fleet of 50 e6 taxis has survived the very harsh operating conditions of hot Shenzhen summers and a very cold winter this year, and drivers and passengers alike have been extremely satisfied with their ride experience," according to Stella Li, Senior Vice President. 250 more eTaxis are being delivered to the International University in Shenzhen before August this year. According to collected data, the per-car-fuel-savings is over $1167 per-Taxi-per-month (driving an average of 400Km per day). BYD's all-electric Taxis are expected to help Shenzhen avoid about 133 lbs(or 60.4Kg) of carbon-dioxide pollution per day per Taxi. This is an equivalent of 2,425,060 lbs (or 1.1M kg) of carbon-dioxide pollution saved by this fleet in the first year.

BYD electric Taxi in Shenzhen (Photo: Business Wire)

The most important finding in the e6 fleet testing was that there has been no noticeable energy drop - both driving range and battery performance has been stable in rapid-charging conditions over the 1.73M miles tested - a breakthrough in EV rapid-charging. BYD has been challenged by the media about its claims of long-range electricvehicles and superior battery longevity inrapid-charging regimes since launching its firstdual-mode, electric and plug-in-hybrid electric vehicles in December 2008. With the results of the e6 fleet, which was continuously rapid charged in 20- 30 minutes, BYD now has a proven track record for its Iron-Phosphatebattery technology. The data is there to showvehicle charging efficiencies, consumption efficiencies, and EV ranges over time-- all with rapid-charging regimes.

BYD also reported on its F3DM fleet which BYD launched in its first US tests at the Housing Authority of Los Angeles (HACLA). The F3DM can travel over 40 miles all-electric but can be engaged to act as a Hybrid-Electric (HEV) to extend its range up to 300 miles. The HACLA fleet has now accumulated ~10,430 miles all-electric and 14,430 total miles (4,000 fuel-driven miles when extended range was necessary). The fleet is achieving an equivalent of 88 mpg and BYD estimates the per-car-savings---even netting out EV charging and electricity costs-- is ~70%. BYD's dual-mode cars are expected to save HACLA about 37 lbs of carbon-dioxide per-day-per-auto when driven to the EV range.

In China, BYD launched an all-electric bus fleet with the eBUS-12 (click for video link) in Shenzhen and Changsha, China in January 2011. These fleets have already accumulated 28,802 all-electric miles(46,380 Km) while undergoing a 3-hour-charge of the 324 Kwh FE battery. An example of the per-eBUS-savings for Shenzhen's Bus Line 202 (driving only 200Km per day) is about $2833 monthly per eBUS. 300 more buses will be delivered to Shenzhen in August of this year. BYD's all-electric eBUSes save about 708 lbs (or 322Kg) in carbon-dioxide emissions per eBUS per day.

In total, BYD EVs have accumulated over 1.769 million all-electric miles and have seen no diminished range or capacity due to rapid-charging. BYD vehicles are estimated to have alreadysaved $360,000 in fuel costs and over 2.776 million lbs of carbon-dioxide. BYD launched consumer sales of the F3DM in September 2010 and anticipates very good demand for the BYD e6 and all electric vehicles in China, fueled in part by government incentives for the purchase of electric vehicles. "Consumers that purchase pure electric vehicles will also enjoy the special privilege of "license-plate-lottery-free, no traffic restrictions and tax-free exemptions (paid by the government)." (LINK:http://english.peopledaily.com.cn/90001/98649/7344880.html)

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