(BRK.A), (BRK.B)
China’s BYD Company has introduced 100 electric taxis in Singapore, forming the biggest e-taxi fleet in South East Asia. The commercial introduction of the pure electric e6 cars also represents the largest investment of its kind by a Chinese electric car manufacturer.
This latest injection of electric taxis into Singapore’s transport network was launched amidst much fanfare from 300 attendees including the Secretary General of the National Trade Union Congress Chan Chun Sing, diplomats and various BYD representatives.
The expansion comes two years after BYD’s fleet of 30 e-taxis first hit the country’s roads in 2014, operated by HDT Holdings, the only e-taxi operator in Singapore, in partnership with the ride hailing company Grab. With the highly recognized customized service of the 30 e-taxi fleet, HDT Holdings got a special permission from the local government to run another 100 e-taxis and called up a tender for the fleet. BYD won this tender to provide the 100 e-taxis to HDT based on its global experience in the industry and the previous successful cooperation with them. “BYD’s electric cars have become our calling card,” said HDT Holdings General Manager James Ng.
Singapore has gradually adopted environmentally friendly policies over the years. The introduction of the 100 e6 taxis is estimated to save the island state around 46,400 tons of carbon emissions a year roughly equivalent to saving 26,000 trees.
“This is only the beginning, as there will be more BYD products and services for Singaporeans in the future,” said Liu Xueliang, General Manager of BYD Asia Pacific Auto Sales Division. “BYD will continue to support Singapore in its noble ambition for sustainable transportation.”
The BYD e6, an all-electric compact crossover/compact MPV, has zero emissions and offers a range of 400 kilometers. There are e6 taxi fleets in China, Colombia, Belgium, Netherlands, U.K., and the U.S.
BYD and Berkshire Hathaway
In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million is now worth roughly $1.77 billion.
For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.
© 2017 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.