China's BYD Says It Will Sell Electric-Drive Vehicles in Israel Next Year

China's BYD Says It Will Sell Electric-Drive Vehicles in Israel Next Year

By John O'Dell March 8, 2010

China's BYD automotive, which has its roots in the advanced battery business and recently signed a deal to participate with Daimler in development of electric cars for the Chinese market, says it will begin selling an EV under its own brand in Israel next year.

BYD may be hoping to catch a ride on the coattails of electric  car-charging pioneer Better Place and Renault, which are partnering under an agreement with Israel to install a nationwide battery charging and exchange system - Better Place's role - to service Renault-built electric cars with swappable battery packs.

BYD, which stands for Build Your Dreams - said it will enter the Israeli market in partnership with Clal Industries, a unit of IDB Holding Corp.  IDB is one of  Israel's largest private conglomerates with  industrial, real estate, trade, financial services, communications and  and electronics operations.

Details of the auto import program weren't released, but BYD has said it intends to be a  world player in the electric-drive automotive market.

Renowned investor Warren Buffett has invested $230 million in BYD - his Berkshire Hathaway investment company owns a 10 percent stake - and the company has said it plans to begin selling an EV in North American later this year.

BYD also recently announced a deal with Volkswagen to jointly develop lithium iron phosphate batteries for electric-drive vehicles. 

John O'Dell:  is an AutoObserver Senior Editor. Follow @AutoObserver on Twitter.