China's BYD Company said it plans to restructure its wholly owned semiconductor subsidiary into a more focused independently run business.

The subsidiary has been renamed BYD Semiconductor (formerly BYD Microelectronics) and efforts are now focused on offering better products and increasing capacity.

BYD said it would later seek an independent stock exchange listing for the subsidiary.

BYD Semiconductor is focused on the development, production and sale of power and optoelectronic semiconductors, intelligent control systems and sensors. The company has full integrated system capabilities, from chip design, wafer manufacturing, assembly, testing and downstream applications.

BYD Semiconductor will focus on increasing its supply of insulated-gate bipolar transistor (IGBT) semiconductor technology, regarded as a core technology of electric and hybrid vehicles. It will also be given more autonomy to increase its client base across the automotive industry and benefit from increased economies of scale.

The eventual listing will provide strategic investors with the opportunity to participate in the company's growth potential, while generating funds for future growth.