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China’s new energy automaker BYD Company formally signed a contract with Bulgarian energy company Bulmineral in Breznik, Bulgaria, on the 11th to establish a joint venture company to assemble and manufacture electric buses in the construction plant.
Bulmineral CEO Alexa Usacev said in an interview with reporters that the first-phase investment of the joint venture will be as high as tens of millions of euros, and plans to produce 40-60 electric buses per month. The electric bus will be put into production in February 2013.
Usachiv said: "At present, some details of cooperation are still being discussed, but we have reached a consensus with China's strategic partners to establish a large-scale science and technology park in the second phase and expand cooperation between the two sides."
It is understood that BYD and Bulmineral will each hold 50% of the newly formed joint venture company. The joint venture assembly plant is located in Breznik, 50 km west of the Bulgarian capital of Sofia.
He Yipeng, general manager of the Export Trade Department of the Automotive Industry Group of BYD Auto Co., Ltd. said: "The cooperation with Bulgarian companies is a very important step for BYD's development. We hope to work with Bulgaria's partners to jointly develop the European market."
Borislav Stefanov, Executive Director of the Investment Agency of Bulgaria, said at the signing ceremony that he was very pleased to see the sustained development of the economic and trade relations between Bulgaria and China. Bulgaria is a good partner of China and a Chinese company entering the European market. Advantageous channel.
At present, BYD pure electric buses have been put into actual passenger operation or trial operation in several cities in China, Europe and North America. The core technology of BYD's pure electric buses is characterized by high safety, long cycle times, and environmental protection. The production and use of iron batteries is environmentally friendly.
With the establishment of the new joint venture, BYD became the second Chinese auto brand to enter the Bulgarian market following the Great Wall Motor Company of China. In February 2012, Litex Automotive Assembly Plant, which was jointly established by Great Wall Motors of China and Litetex of Bulgaria, was formally put into operation in the city of Loewitch in the north of the country.
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