3/29/2016

BYD to Open $614 Million Electric-Bus Plant in China

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China's BYD Co. Ltd. plans to open a 4 billion-yuan ($614 million) factory in Taiyuan as soon as late this year to make electric buses and other specialty EVs.

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China's BYD Co. Ltd. plans to open a 4 billion-yuan ($614 million) factory in Taiyuan as soon as late this year to make electric buses and other specialty EVs.

The plant will have annual capacity to make 5,000 electric buses and 5,000 special-purpose EVs for such applications as construction, The Nikkei reports. BYD expects the facility will generate annual sales of 15 billion yuan ($2.3 billion).

EVs and plug-in hybrids currently account for more than 20% of BYD's total vehicle sales, making it China's top producer in the "green" vehicle segment. The Nikkei says the company hopes to capitalize on the central government's "Made in China 2025" initiative to bolster the quality of Chinese-made goods. The plan also aims to push demand for green vehicles to 20% of the country's vehicle market.

China's total car market grew 5% in 2015. But deliveries of electrics more than tripled to 330,000 units, including a record-high 60,000 EVs made by BYD.