BYD Cuts Prices, Prepares New Models

(Beijing) -- BYD Co., the privately-owned Chinese carmaker backed by U.S. billionaire Warren Buffett, announced February 18 that it would cut prices for five auto models in an effort to expand its market share.

BYD said on its official website that five models, the F0, F3, F3R, G3 and F6, will see up to a 15,000 yuan drop in prices. BYD said the price cut will help the company compete with joint venture auto brands and as it aims to boost the monthly sales of G3 and F6 models to more than 10,000 units.