Battery-cum-auto maker BYD has announced it has acquired 100 percent equity in bus and coach manufacturer Hunan Midea Coach for RMB60m from Foshan Weishang.
BYD will use the acquisition as a third new energy auto production base into which it will invest RMB 3 billion. The base will manufacture microbuses and began construction in late September.
BYD also signed an agreement last week to establish a new production plant in the Xi'an Development Zone.
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