SOFIA, Bulgaria--(BUSINESS WIRE)--BYD and Bulmineral Ltd signed an agreement yesterday to create a 50:50 joint venture company, named Auto Group Motors, to produce electric buses in Europe. This is the first electric bus joint venture in Europe and the first overseas electric vehicle joint venture for BYD.
“We are delighted to set up this e-bus JV company in Bulgaria with Bulmineral Ltd. It is a very important step for BYD and will ensure we are able to move forward with our strategy to introduce our electric vehicles and more green products across Europe.”
BYD, the world’s largest electric bus manufacturer, will work together with Bulmineral Ltd, to manufacture pure electric buses in Breznik, Bulgaria. This will enable BYD to break into local markets 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 in Bulgaria with Bulmineral Ltd. It is a very important step for BYD and will ensure we are able to move forward with our strategy to introduce our electric vehicles and more green products across Europe.”
Mr. Mihail Ivanov, the CEO of Bulmineral said: “We are proud that we are able to reach an agreement of collaboration with BYD, the worldwide leader in the manufacturing of batteries, electric cars, and electric buses. Today marks the beginning of a new stage in our activities by starting the manufacture and assembly of electric buses with BYD.”
Present at the signing ceremony were Mrs. Li Hong, first Secretary to Embassy of the People’s Republic of China in the Republic 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 to run 250 km (155 miles) on a single charge in urban conditions. This allows a travelling range that is sufficient for one whole shift in most cities. The core technology of BYD electric buses is BYD’s self-developed Iron-Phosphate battery technology boasting the highest safety, longest service life and most environmentally-friendly rechargeable chemistry. It also contains no heavy metals or toxic electrolytes. The accumulated mileage of BYD electric 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 Auto Group Motors is an significant step for BYD following a number of deals and customer demonstrations for its pure electric bus worldwide. Sales have been recorded in China, Netherlands, Finland, Denmark, Canada, Uruguay and the United States, and bus demonstrations have been completed or started in Spain, Belgium, Hungary, Colombia, Chile and Peru .
BYD Co., Ltd is a leading-edge provider of green energy technologies that specializes in the IT, automotive, and new energy industries. Being the world’s biggest rechargeable battery manufacturer, BYD also has the largest global market share for cell-phone chargers and keypads. BYD branched out into the auto business in 2003, and has kept a robust yearly growth rate successively. In 2008, Warren Buffett invested $232 million to take a 9.89% stake in BYD. Today, BYD is the fastest-growing Chinese auto company and a global pioneer in the field of new energy vehicles including Dual Mode Electric Models and Pure Electric Models.
Based on its core Fe Battery technology, BYD has worked out a Green City Solution, which aims to electrify urban public transportation systems by transitioning from gasoline and diesel buses and taxis to pure electric ones. In March 2012, BYD and Daimler AG officially announced the entirely new EV brand Denza in China. In addition, BYD has also focused on the Research & Development and manufacturing of a wide range of new energy products, including energy storage system, solar energy products and LED lighting. For more information, please visit www.byd-auto.net, www.byd.com.cn, www.facebook.com/bydauto or email email@example.com.