Los Angeles Selected as BYD’s North American Headquarters

LOS ANGELES--Los Angeles Mayor Antonio Villaraigosa today was joined by California Governor Arnold Schwarzenegger and BYD Chairman Chuanfu Wang on the steps of Los Angeles’ City Hall to announce that BYD, a Chinese alternative-energy auto maker is establishing its North American headquarters in downtown LA. The announcement is an important step forward in attracting green businesses to the City and represents a big win for Los Angeles City officials. It validates the City’s efforts to aggressively pursue innovative and renewable energy companies to locate in the area.

“In working closely with BYD and getting a true sense of what they need to succeed, we now have a roadmap for attracting the companies that will build the foundation for a healthy, dynamic economic base and a more prosperous future”

“By bringing global alternative energy companies to Los Angeles, we are securing our future and building the foundation for an emerging industry that will attract good paying, green collar jobs for generations of Angelenos,�?? said Mayor Antonio R. Villaraigosa in front of State and City officials and local civic, business and labor leaders.

“In working closely with BYD and getting a true sense of what they need to succeed, we now have a roadmap for attracting the companies that will build the foundation for a healthy, dynamic economic base and a more prosperous future,�?? said Mayor Antonio Villaraigosa.

BYD expects to hire 150 jobs throughout 2010 and 2011 as it rolls out its fleet of vehicles to California markets first before expanding throughout the country.

“California’s market-friendly energy and environmental policies are playing a vital role not only in making California more energy secure but also in bringing companies like BYD to our state,�?? said Governor Schwarzenegger. “Like California, BYD is a company of firsts. They are leading China and the rest of the world into a cleaner, more sustainable future with their automobiles and renewable energy products while creating jobs and saving consumers money. I welcome BYD with open arms and look forward to growing California’s relationship with China to mutually benefit the environment and economy.�??

The headquarters for BYD will be located at 1800 South Figueroa. The office building lies within the Downtown Business District. BYD has signed a long-term lease agreement and expects to take occupancy in the fourth quarter. BYD’s green energy technologies will be on display at its new headquarters and will feature its vehicles, solar panels, energy storage systems and advanced LED lighting products. The building will also house BYD’s Research & Development arm that will develop current versions of their popular vehicles selling in China for the U.S. consumer market. “I am pleased to be opening up our North American headquarters in Los Angeles,�?? said Stella Li, Senior Vice President of BYD. “Mayor Villaraigosa and First Deputy Mayor Beutner personally made Los Angeles stand out among any other city as the optimal home for BYD North America, and I expect that other companies in China and throughout the world will come to the same conclusion that this city is the best place to build a green business.�??

This year, BusinessWeek ranked BYD as the 8th most innovative company in the world and Fast Company ranked it as the 16th most innovative company in the world, the only automaker to make the top 50 list. The entrance to Los Angeles of one of the most cutting-edge and profitable auto companies in the world is significant for California.

BYD sold nearly 450,000 vehicles in 2009, up 170 percent from a year earlier. This year, the company expects to reach 700,000 in vehicle sales. BYD employs 130,000 worldwide in offices including the Netherlands, Denmark, Hungary, Romania, Japan, South Korea, India, Taiwan and Hong Kong. “Installing a U.S. headquarters in Los Angeles well prepares us for distribution of our product throughout the United States and sets the stage for release of our all-electric crossover vehicle, the e6,�?? said Chairman Wang.

Central to his efforts to stimulate LA’s economic base and create high-paying jobs, Mayor Villaraigosa created the Office of Economic and Business Policy in January and appointed Austin Beutner to the position of First Deputy Mayor and Chief Executive for Economic and Business Policy. First Deputy Mayor Beutner immediately began pursuing businesses seeking a North American presence or looking to expand into new markets. “We leveraged our City’s many resources, tools and assets to prepare a package that any company would be hard-pressed to resist,�?? said Mr. Beutner. “BYD’s move to Los Angeles should send a loud message to businesses overseas and innovative, growing businesses across the country that Los Angeles will do what it takes to win their business.�??

BYD plans to take advantage of the City’s various incentives and programs aimed at attracting and retaining cleantech companies such as the Port of Los Angeles’ proposed “ZERO Emission Vehicle Tariff Measure�?? that would reduce the wharfage rate for Battery Electric Vehicles by 15 percent. The “ZERO emission�?? tariff measure will be the first of its kind in the port industry.

"The Figueroa auto row connects Downtown and South Los Angeles through major economic redevelopment and investment efforts," said Councilwoman Jan Perry. “It is wonderful that BYD has decided to invest in this promising business corridor, augmenting our existing businesses and offering the promise of greater investment in our city.�??

About BYD

BYD, which stands for Build Your Dreams, has the backing of billionaire investor Warren Buffett. His MidAmerican Energy Holdings Co., the utility division of his Omaha, Neb.-based flagship Berkshire Hathaway, has a 9.9 percent stake in the Hong Kong-traded company. The BYD line of vehicles is being shown starting today at Berkshire Hathaway’s Annual Shareholders Meeting to a worldwide audience of more than 10,000 shareholders.

BYD is the fastest growing Chinese automotive manufacturer. The F3DM dual-mode electric vehicle was introduced by BYD to the world in December 2008. Soon, the company will officially launch the e6, a pure electric vehicle with a range over 200 miles. BYD is also a market leader in solar manufacturing, consumer electronics and environmentally-friendly energy storage chemistries. The Company trades on the Hong Kong exchange (HKE) under the ticker numbers (HK.0285 – BYD Electronics) and (HK.1211 – BYD Company Ltd). For more information, visit www.bydit.com and www.byd.com.