BEIJING, July 10 Chinese battery and electric
car maker BYD Co (1211.HK) is seeking to buy a bus making
company in Hunan, central China, to increase production of
alternative fuel vehicles, according to the Hunan Economic
BYD, part owned by Warren Buffett's Berkshire Hathaway
(BRKa.N) would pay at least 2 billion yuan ($293 million) to
acquire Hunan Sanxiang Bus Group from the Midea Group, the
committee said on its website
The facilities located in Changsha, Hunan Province, will
become BYD's third manufacturing base in China, will eventually
produce BYD's sedans, small vans and components, it added.
BYD would not comment on the announcement.
Volkswagen (VOWG.DE) said earlier this year it plans to
explore cooperation with BYD to develop hybrids and electric
vehicles powered by lithium-ion batteries.
Volkswagen is the first major industrial partner for BYD, a
battery specialist and the fledgling maker of the F6DM plug-in
hybrid that sold a 10 percent stake to Berkshire Hathaway in
September for $230 million.
Carmakers are racing to develop next-generation lithium-ion
batteries capable of making electric vehicles a viable
alternative to cars equipped with combustion engines.
(Reporting by Kirby Chien; Editing by Lincoln Feast)