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Sun, 02 Aug 2009

BYD Successfully Acquired Hunan Midea Coach

An Entry into New Energy Bus Industry
On July 24, 2009, Shenzhen BYD Auto Company Limited, a wholly-owned subsidiary of BYD Company Limited, signed the Equity Transfer Agreement as transferee with Foshan Weishang to acquire the entire equity interests of Hunan Midea Coach.

Hunan Midea Coach, with its headquarters located in Hunan Environmental Protection Industrial Park, used to be a company engaged in the development, manufacture and sale of buses and coaches. After this acquisition, Shenzhen BYD Auto Company Limited will hold all the shares of Hunan Midea Coach and BYD Company Limited will be granted the permission by the government to manufacture buses and coaches.

BYD envisions entering into the new energy bus field through this acquisition and plans to produce new energy buses in 2010. Furthermore, BYD will manufacture passenger vehicle in Hunan and plans to produce car models C3, C6, F2 and so on.

This acquisition contributes to BYD’s new energy bus manufacturing and marketing and further enhances its automobile production capacity.