China’s BYD plans to list its battery business by 2022

Technology

FILE PHOTO: A man walks past a light flashing on the floor in the shape of the logo of BYD Auto during the media preview of the 10th China International Automobile Exhibition in Guangzhou, Nov. 22, 2012. REUTERS/Tyrone Siu/File Photo

BEIJING (Reuters) – China’s BYD Co Ltd said on Thursday it plans to list its battery business by 2022, the electric vehicle (EV) maker’s latest move to rev up its growing battery unit.

The Warren Buffett-backed carmaker did not offer details on where the shares would trade.

The carmaker was confirming a report earlier from Bloomberg, which cited comments from an interview with BYD Chairman Wang Chuanfu.

BYD, which sells the Tang series of cars and plug-in petrol-electric hybrid model Qin, has been trying to shift to all-electric vehicles but has faced battery shortages. It is building more battery production bases to boost capacity.

China is the world’s largest and fast-growing market for new-energy vehicles (NEVs), a category comprising battery-powered cars and plug-in hybrids.

Reporting by Yilei Sun in BEIJING and Adam Jourdan in SHANGHAI; Editing by Christopher Cushing

Products You May Like

Articles You May Like

Stocks cheered by Trump trade talk; sterling plagued by politics
Exclusive: Trump says Fed shouldn’t hike rates, but calls Powell ‘a good man’
Key U.S. senator calls self-driving legislation a ‘long shot’
U.S. lawmakers to unveil revised criminal justice bill in push for final passage
Wave of bomb threats across U.S. reported

Leave a Reply

Your email address will not be published. Required fields are marked *