SHANGHAI Dec 12 BYD Co Ltd
, the Chinese carmaker backed by billionaire
investor Warren Buffett, will launch a joint venture in Bulgaria
to produce electric cars and buses, the official Xinhua news
agency reported on Wednesday.
BYD and the Bulgarian energy firm Bulmineral signed the
agreement on Tuesday to build an auto assembly plant in Breznik,
a small town about 50 km west of Sofia, the report said.
The 50-50 venture will be named Auto Group Motors and is
expected to deliver its first sample electric bus in February
2013, Xinhua quoted Bulmineral chief executive Alexander Usachev
The plant will produce 40-60 buses a month when it is
operating at full capacity, Usachev said without elaborating.
The joint venture will also produce other BYD products, such
as batteries and LED light bulbs.
Chinese automakers have been expanding their reach beyond
their home market, the biggest in the world.
Last week, China's biggest carmaker SAIC Motor Corp
said it was planning to form a venture in Thailand
with local firm C.P. Group Co Ltd.
Great Wall Motor Co is in talks to open a plant
in India, an official at an Indian lobby group said on Monday,
a move that would make it the first Chinese carmaker to operate
in the country without a partner.