China Battery Maker To Build Electric Cars

BYD to invest 90 million yuan.

Published: 28-Jan-2003

T face=Arial size=2>BYD, the mainland's largest rechargeable battery maker, will invest 90 million yuan (HK$85 million) over three years to develop electric cars and its current fuel car business.

BYD last Thursday announced it would acquire a 77 per cent stake in a state-owned carmaker, Xian Zhen Chuan Automobile, for 269.5 million yuan in cash.

The price represents a 6.4 per cent premium to Xian Zhen Chuan's estimated net asset value as at November 30, 2002.

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