BYD Co is looking to raise capital to fund business developments and new projects, the Chinese battery and auto company has said.
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BYD said the money would be raised by issuing new shares on the Shenzhen Stock Exchange, a report by the news agency Reuters said.
Money raised would be used to invest in lithium-ion battery production, auto research and development, expansion of auto products and parts, as well as a solar battery program, with the rest to be used as working capital, the company said.
BYD will seek approval from his shareholders at a meeting in September.
