GAGC-BYD Jointly Invest 3 Billion in New Energy Buses
2014-04-25 Source：www.chinabuses.org
Summarize：On Apr. 23, 2014, Conghua Municipal Government, BYD Company Limited (BYD) and Guangzhou Automobile Group Co., Ltd. (GAGC) signed investment agreement. According to the agreement, BYD and GAGC will jointly establish GAGC-BYD New Energy Bus Co., Ltd. (GAGC-BYD). As two major auto makers in Guangdong province, GAGC and BYD join hands together in developing green vehicles, marking a huge step forward for the whole green vehicle manufacturing industry.
www.chinabuses.org: On Apr. 23, 2014, Conghua Municipal Government, BYD Company Limited (BYD) and Guangzhou Automobile Group Co., Ltd. (GAGC) signed investment agreement. According to the agreement, BYD and GAGC will jointly establish GAGC-BYD New Energy Bus Co., Ltd. (GAGC-BYD). As two major auto makers in Guangdong province, GAGC and BYD join hands together in developing green vehicles, marking a huge step forward for the whole green vehicle manufacturing industry.
At recent 2014 Key Investment Promotion under the theme of "New Guangzhou, New Opportunities", GAGC's General Manager Zeng Qinghong revealed that GAGC and BYD will jointly invest 3 billion RMB in their new energy bus project. GAGC holds 49% while BYD holds 51%. According to their agreement, the new joint venture GAGC-BYD New Energy Bus will be headquartered in Conghua Mingzhu Industrial Park. At the same time, the company's export base and R&D Center will also be based in the park. The new company will focus on developing new energy vehicles and related technologies, electric buses, hybrid buses, commercial coaches, and key spare parts. Apart from meeting the local demands, the two parties are also planning to export their vehicle products to the overseas market.
According to Guangzhou's popularization plan of new energy vehicles, the city is now working hard to increase the number of its new energy vehicles in operation to 10,000 units by the end of 2015. Among them, the number of new energy buses is expected to rise to 2,000 units. Currently, BYD takes the lead in the field of new energy vehicle technologies. The pure electric bus K9 with Fe-cell independently developed by BYD has already made its way to Netherlands, Brazil, Israil, and the USA, etc. Meanwhile, GAGC boasts strong competitiveness in bus manufacturing field. The two parties' cooperation is expected to further strengthen their competitiveness.
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