CHINESE auto maker BYD Co yesterday rolled out the world's first mass-produced hybrid electric vehicle, gaining an edge on Toyota Motor Corp and General Motors Corp.

The car maker, which is nearly 10 percent owned by a subsidiary of Warren Buffett's company, will sell the F3 Dual Mode sedan at 149,800 yuan (US$22,000), it said in a statement.

BYD's plug-in vehicle could run up to 100 kilometers just by using its electric engine, with a top speed of 100 kilometers an hour. A gasoline engine could also be activated when the car is on low power. The battery can be fully charged in nine hours via a household electrical outlet and 50 percent of the power could be charged in 10 minutes at BYD's own charging station.

Japan's Toyota would begin testing its plug-in hybrid in late 2010 and General Motors' Volt electric car is also scheduled to be launched in 2011. Their electric models are said to be able to run over 25 kilometers. 'The F3DM would give BYD an edge in the world's new energy vehicle market,' said Chairman Wang Chuanfu in the statement.

BYD yesterday signed contracts with the municipal government in Shenzhen and China Construction Bank to sell a combined 50 units. It also is cooperating with the Export-Import Bank of China yesterday to fund future research and development.

The Chinese government aims to have 60,000 units of new energy vehicle rolling on the streets by 2012. It is also studying proposals to give subsidies to consumers on the purchase of new energy vehicles.

Toyota's Prius, which sells for around 250,000 yuan in China, sold just 748 units in the first 10 months this year while demand for GM's Buick LaCrosse Eco-Hybrid has also been bleak since its launch in July.

Chinese car makers have been pouring millions of investment into developing new energy vehicles to reduce dependence on fuels amid a fast growing vehicle population.