The Yike Bike
The 2010 Geneva International Motor Show opened to the news media yesterday. Most Chinese automakers skipped the auto show here, but BYD Auto promised to be in Geneva for many more years to come. BYD has such exemplary electric-vehicle battery technology that Warren Buffet has invested a quarter of a billion dollars in the company (1).
If you haven't been paying attention, vehicle sales in China last September were 1.33 million units or almost twice as many as the number of vehicles sold in the Unites States in that month (2). Hopefully BYD, which is the 6th largest automaker in China, will be able to deliver a healthy chunk of future cars in the electric variety, otherwise the future smog from China will probably darken the entire planet.
When my business partner visited China more than a decade ago, the streets were packed sidewalk-to-sidewalk with bicycles. Soon there will be no room for bicycles.
But does everyone really need to ride around in huge monstrosities? One of my partners lives on East 48th Street and drives his car everyday to our office in lower Manhattan. It takes him about 25 minutes to cover the distance of 3.8 miles one way (the same trip at 3 in the morning takes about 15 minutes). I walk the distance in 65 minutes (from 48th and 2nd Avenue to the Holland Tunnel). He spends about $350 per month at two garages. After insurance, gas, wear and tear, lease payments, etc., he spends about $1700 per month driving a car in the city.
If instead, he bought a Yike Bike for about $4,500.00:
He would save more than $16,000 in the first year alone and save 30 minutes each day not being stuck in traffic.
Sadly, it makes too much sense and he'll never make the switch.
If you are wondering about the few times a year he goes to the Hamptons, hell for $16,000 he can ride around in a limo chauffeured by pretty blonds.
Check out the video of the Yike Bike - The world's first super light electric folding bike here.
ENDNOTES
(1):
NY Times, China’s BYD Says Buffett Wants to Raise Stake
Warren E. Buffett intends to raise his stake in BYD, the Chinese maker of electric cars and batteries, the company’s chairman said on Monday. The comments sent shares in his company up 8 percent.
MidAmerican Energy Holdings, a unit of Mr. Buffett’s Berkshire Hathaway, bought 10 percent of BYD for $230 million, or about 8 Hong Kong dollars a share, last September, sparking a massive rally in the stock.
(2):
China Car Times, Chinese September car sales top 1 million mark again!
Chinese automotive sales soared by 78% in September 2009 when compared with the same period a year ago. Overall vehicle sales in September sat at a healthy 1.33 million vehicles, with passenger vehicles (SUV, MPV, sedans etc) sales coming in at to 1.02 million units, a year on year rise of 83.6%.
...
Overall yearly sales are expected to hit 12 million by the end of the year and cross the 10 million mark by the middle of October 2009, sales from January to September rose by 34.2% to 9.66 million units.
