BYD Teams With CSC Group To Invest In Electric Vehicles In China And Hong Kong
JUN 14 2014 BY MARK KANE
According to China Money Network, BYD has teamed with CSC Group, a venture capital fund managing RMB funds totaling RMB60 billion (US$9.64 billion), to jointly establish fund financing for new energy vehicles projects like charging infrastructure, developing new energy cars or maybe even to finance leasing of the cars.
“The two parties will establish a RMB1 billion (US$160 million) industry investment vehicle in Qianhai, Shenzhen, and a RMB500 billion (US$80.3 million) new energy automobile investment fund in Hong Kong.
The strategic partnership comes after BYD’s plan to establish a financing arm last month, aimed at providing auto loans to Chinese consumers in order to promote sales of BYD’s new energy cars such as its E6 models.”
Details are scare, but we believe that with over $240 million injection, many new project could be financed to leverage the growth of plug-in market.
Source: China Money Network