BYD joins Bulgarian company for green buses
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E-mail China Daily, December 13, 2012
Chinese electric vehicle maker BYD Co, in which Warren Buffett holds a 10 percent stake, is partnering Bulgarian energy firm Bulmineral to further explore the European market for green public transport.
The two companies said yesterday that they will set up a 50-50 joint venture called Auto Group Motors in Breznik, a small town about 48 kilometers west of Sofia, the capital of Bulgaria, which will be BYD's first assembly plant overseas.
The plant will produce its first sample electric buses in February and will be able to make 40-60 units monthly at full capacity, Bulmineral CEO Alexander Usachev said.
The plant will also make buses for the Bulgarian market initially before expanding into neighboring countries. BYD has been promoting its electric cars in Germany, the Netherlands, Finland, Denmark, Canada, Uruguay and the US.
BYD's car batteries and LED light bulbs will also be produced by the plant at a later stage.
The plant will be the second Chinese auto facility in Bulgaria after Great Wall's assembly line in the northern city of Lovech opened in February.
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