CHINA: Battery maker buys minicar company
BYD Co, China's largest rechargeable battery maker, will buy control of the country's sixth-largest mini-car maker for 269.5 million yuan ($US33 million) in preparation for making batteries for electric vehicles, the country's Business Daily Update said. BYD said in a statement it agreed to buy 77 % of Xian Zhen Chuan Automobile Ltd, a State-owned company that makes 800 cc cars under the Flyer brand. The price is a 6.4% premium to Xian Zhen Chuan's net asset value.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-auto gives its paid members access to the very best automotive market coverage.
And now there’s just-auto plus, our premium membership that gives you exclusive component forecast data, company profiles and extended news coverage - just for premium members.
Today I can offer you 30 days access for $1 - and that includes just-auto plus.
Dave Leggett, editor of just-auto
* plus VAT if applicable