On September 3, 2014, Guangzhou GAC BYD New Energy Bus Co., Ltd. (hereinafter referred to as GAC BYD), a joint venture between Guangzhou Automobile Group Co., Ltd. and BYD Co., Ltd., held a groundbreaking ceremony in Guangzhou Conghua Mingzhu Industrial Park. The joint venture will focus on the development of pure electric-powered buses and is expected to be completed and put into production in September 2015.
According to Netease Automobile, the total investment of Guangzhou Guangqi BYD New Energy Bus Co., Ltd. is estimated to be 3 billion yuan, the joint-stock ratio is 49% for GAC Group and 51% for BYD. According to the agreement, the two parties will vigorously develop new energy buses and related technologies, develop and produce pure electric or pure electric drive passenger cars, LNG passenger cars, plug-in hybrid buses, business CMB and key parts and components, and focus on creating new ones. Energy bus headquarters, export base and R&D center.
The near-term goal is to meet the Guangzhou City plan to promote 10,000 new energy vehicles by the end of 2015, which will focus on the use of 2000 new energy buses, the new energy bus market demand.
Regarding why the new energy bus was chosen as the cooperation content of the two parties, the relevant person in charge of Guangzhou Automobile BYD said in an interview that the development of new energy products is in line with the national energy conservation and new energy automobile industry development planning requirements, and at the same time, promoting electric vehicles to protect the environment and save energy. It is of great significance. As a good corporate citizen who actively practices social responsibility, Guangzhou Automobile Group and BYD Company are equally responsible. The strategic cooperation between the two parties in the field of new energy buses is of great significance to further reduce product costs, enrich product sequences, increase the scale of Guangdong's new energy vehicle industry, and achieve complementary advantages and resource sharing.
In addition to meeting local use, GAC and BYD will also open up new energy bus export business and create a broader market space in the future.
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