Los Angeles (CNS) -- China's electric-vehicle (EV) maker BYD opened its North American headquarters in Los Angeles on Monday, marking its first step in entering North America's clean energy vehicle and solar power market.
Over the next 18 months, BYD will focus on its electric vehicle business, including buses, government and commercial fleets, and car sharing and rental businesses, said Wang Chuanfu, BYD's president.
As for its headquarters in North America, the automaker will decide on the types of vehicle that best fit the local market through research and development, and then consider building a manufacturing center when the market is more developed, added Wang.
BYD also announced cooperation with the Hertz Car Rental, providing electric cars for its pure EV fleet at the Los Angeles International Airport and electric cars for rent.
The headquarters will be the center for fleet sales of electric cars and buses. It also will house research and development facilities and will be the center of marketing, design, and sales support for its solar and LED businesses, said Wang, who was crowned the richest person in China by Forbes in 2009.
The opening of the headquarters, which could create nearly 150 jobs, will be "a catalyst that ushers in good jobs, global investment and a more sustainable future," Los Angeles Mayor Antonio Villaraigosa said.
Under Los Angeles anti-smog incentives, a 15% tariff reduction will be granted on BYD's electric cars imported to the States.
Founded in 1995, BYD, which stands for "Build Your Dreams," is a leading manufacturer of hybrid cars in China. Billionaire Warren Buffett holds almost 10% of BYD's equities.
