Former high-flying car maker BYD (HKEx: 1211) has come out with an interesting strategy to try to win over skeptics of its grand electric car dreams: bury them with numbers. At least that’s the impression one gets from reading a new press release from the company, which updates investors on the many pilot EV projects it is now running. (Company announcement) Granted, the company’s various EV pilot programs do seem to have logged a lot of miles, showing they are moving forward. But nowhere in the pile of numbers is there any mention of issues that have cropped up in the course of all that driving; and there’s only one mention of additional orders in its home city of Shenzhen, where BYD is well connected, that might start to validate all this effort. You have to give them credit for placing such a big bet on EVs, and I do like their recent tie-up with Daimler to further develop EV technology. (English article) But I’m still not convinced that BYD — despite backing from Wall Street guru Warren Buffett — has what it takes just yet to become a leader in this area, and this update certainly doesn’t help to bridge the credibility gap.
Bottom line: BYD is trying hard to validate its massive electric car initiative, but has yet to produce any compelling results that show its efforts are bearing fruit.
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