BYD proves bright spark in green vehicles

• Source: Shanghai Daily
• [08:21 July 13 2009]
• Comments

By Kirby Chien 

Chinese battery and electric car maker BYD Co is seeking to buy a bus-manufacturing company in Hunan, central China, to increase production of alternative-fuel vehicles, according to the Hunan economic committee's Website.

BYD, part owned by Warren Buffett's Berkshire Hathaway, would pay at least 2 billion yuan (US$292.68 million) to acquire Hunan Sanxiang Bus Group from the Midea Group, the committee said on its Website.

The facilities, located in Changsha, Hunan's capital, would become BYD's third manufacturing base in China, and would eventually produce BYD's sedans, small vans and components, it added.

BYD would not comment on the announcement.

Volkswagen earlier this year said it planned to explore cooperation with BYD to develop hybrids and electric vehicles powered by lithium-ion batteries.

Volkswagen is BYD's first major industrial partner.