China's push for greener cars boosts BYD's stock price

China automaker BYD saw its stock reach its highest price in Hong Kong stock exchange trading in almost a month after the Chinese government reiterated its plan to push for greater adoption of greener vehicles in order to help reduce urban pollution, Bloomberg reports. Additionally, advanced powertrain vehicle sales in China through June surged 43 percent from a year earlier to almost 6,000 units, with more than 85 percent of those being battery-electric vehicles. By comparison, Americans bought about 40,000 plug-ins during the first half of the year.

Meanwhile, on a more local level, BYD's home base of Shenzhen may provide incentives for taxi fleet owners to swap out conventional vehicles for EVs, Bloomberg says. There are about 15,000 cabs in that city.

Reuters reported in April that BYD, whose biggest shareholder is Warren Buffett, may eschew gas-powered cars altogether in favor of hybrids and plug-ins. BYD, which sold about 1,700 plug-ins last year, earlier this year won a contract to supply 500 E6 pure electric police cars to Shenzhen's municipal government. That model has a top speed of about 87 miles per hour and a single-charge range of about 186 miles.

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