Welcome to english.eastday.com.Today is
Follow us @
Contribute to us!

Shanghai

Business

Culture

China

World

Pictures

Topics

Life

Services

Home >> auto >> Article
BYD forms joint venture to lease electric buses
From:ChinaDaily   |  2018-07-11 22:22

BYD, the world's largest manufacturers of electric vehicles, announced on Tuesday that it has formed a joint venture with a San Francisco investor that will lease its buses to cities, schools and corporations in the US.

BYD and Generate Capital Inc will establish a program that they said is the first of its kind. As part of the venture, Generate is investing $200 million to buy and lease the buses. BYD will supply the vehicles and market them to customers.

BYD is a publicly traded company with 60 percent of its stocks owned by US investors, with Warren Buffett's Berkshire Hathaway as the largest single shareholder. BYD stands for Build Your Dreams. The China-based company has a production plant in Lancaster, California, northeast of Los Angeles.

In announcing the partnership, the two companies said in a press release that the $200 million will help public and private sector clients accelerate the use of battery-powered electric buses by reducing upfront costs.

Scott Jacobs, Generate Capital's CEO and co-founder, said, "Traditional leasing companies typically don't value any residual in electric vehicles, which makes financing difficult.Programs like these are an all-around win for project developers, customers and for the environment."

BYD President Stella Li said that that the partnership will create new financing alternatives to a broader range of clients.

BYD stands for Build Your Dreams. The China-based company has a production plant in Lancaster, California, northeast of Los Angeles.

Share