BYD to set up the first electric bus JV company in Europe

BYD to set up the first electric bus JV company in Europe

Topics: Auto Group Motors

BYD to set up the first electric bus JV company in Europe

BYD
December 13, 2012

Sofia, Bulgaria – BYD and Bulmineral Ltd signed an agreement yesterday to create a 50:50joint venture company, named Auto Group Motors, to produce electric buses inEurope. This is the first electric bus JV company in Europe and is also the firstoverseas electric vehicle JV for BYD. Signing ceremony in Sofia BYD, the world’s largest electricbus manufacturer, will work together with Bulmineral Ltd, to manufacture pureelectric buses in Breznik, Bulgaria. This will enable BYD to break into localmarkets in Bulgaria and expand to other countries in Europe.

BYD EUROPE B.V. Managing Director, Mr.Isbrand Ho stated: “We are delighted to set up this e-bus JV company inBulgaria with Bulmineral Ltd. It is a very important step for BYD and willensure we are able to move forward with our strategy to introduce our electricvehicles and more green products across Europe.” Mr. Mihail Ivanov, the CEO ofBulmineral said: “We are proud that we are able to reach an agreement ofcollaboration with BYD, the worldwide leader in the manufacturing of batteries,electric cars, and electric buses. Today marks the beginning of a new stage inour activities by starting the manufacture and assembly of electric buses withBYD.”

Present at the signing ceremony were Mrs. LiHong, first Secretary to Embassy of the People’s Republic of China in theRepublic of Bulgaria, Mr. Valentin Bojuov, Deputy Minister of transport,information technology and communications of the Republic of Bulgaria; Mr.Borislav Stefanov, Executive Director of the Invest Bulgaria Agency; and Eng.Ivo Petrov, Governor of Pernik province and Mr. Vasil Uzunov, Mayor of Breznik.

The 12-metre long BYD electric bus is able torun 250 km (155 miles) on a single charge in urban conditions. This allows atravelling range that is sufficient for one whole shift in most cities. Thecore technology of BYD electric buses is BYD’s self-developed Iron-Phosphatebattery technology boasting the highest safety, longest service life and mostenvironmentally-friendly rechargeable chemistry. It also contains no heavymetals or toxic electrolytes. The accumulated mileage of BYDelectric buses in Shenzhen, China alone has surpassed 11.81 million kilometers(or 7.33 million miles) by the end of November 2012.

The establishment of the JV company AutoGroup Motors is an significant step for BYD following a number of deals andcustomer demonstrations for its pure electric bus worldwide. Sales have beenrecorded in China, Netherlands, Finland, Denmark, Canada, Uruguay and theUnited States, and bus demonstrations have been completed or started in Spain,Belgium, Hungary, Colombia, Chile and Peru .

About BYD

BYD Company Ltd. is one of China’s largest companies, and one of the very few who have successfully expanded globally. Specializing in battery technologies, their green mission to “solve the whole problem” has made them industry pioneers and leaders in sectors including Automobiles, Public Transit, Energy Storage, Photovoltaic and Information Technology manufacturing services.

Already being the world’s largest manufacturer of rechargeable batteries, their mission to create safer and more environmentally friendly battery technologies has lead to the development of the Iron Phosphate (Fe) Battery. This non-combustible, completely recyclable and incredibly long lasting technology has become the core of their clean energy platform that has expanded into automobiles, buses, trucks, utility vehicles and energy storage facilities. BYD and all of their shareholders, including the great American Investor Warren Buffett, see these environmentally and economically forward products as the way of the future.

BYD has made a strong entrance to the North, Central and South American markets with their battery electric bus, and lineup of automobiles. Their mission lies not just in sales growth, but also in sociological integration as they have poured incredible into developing offices, dealerships and manufacturing facilities in the local communities they now call home, truly a first for a Chinese company. For more information, please visit www.byd.com, www.bydeurope.com, www.facebook.com/bydcompany, or pr@byd.com.