BYD and Bulmineral set up First Electric Bus Joint Venture in Europe

  BYD and Bulmineral set up First Electric Bus Joint Venture in Europe

Business Wire

SOFIA, Bulgaria -- December 12, 2012

BYD and Bulmineral Ltd signed an agreement yesterday to create a 50:50 joint
venture company, named Auto Group Motors, to produce electric buses in Europe.
This is the first electric bus joint venture in Europe and the first overseas
electric vehicle joint venture for BYD.

BYD and Bulmineral Teams at Signing Ceremony in Sofia, Bulgaria. (Photo:
Business Wire)

BYD and Bulmineral Teams at Signing Ceremony in Sofia, Bulgaria. (Photo:
Business Wire)

BYD, the world’s largest electric bus manufacturer, will work together with
Bulmineral Ltd, to manufacture pure electric buses in Breznik, Bulgaria. This
will enable BYD to break into local markets in Bulgaria and expand to other
countries in Europe. BYD EUROPE B.V. Managing Director, Mr. Isbrand Ho stated:
“We are delighted to set up this e-bus JV company in Bulgaria with Bulmineral
Ltd. It is a very important step for BYD and will ensure we are able to move
forward with our strategy to introduce our electric vehicles and more green
products across Europe.”

Mr. Mihail Ivanov, the CEO of Bulmineral said: “We are proud that we are able
to reach an agreement of collaboration with BYD, the worldwide leader in the
manufacturing of batteries, electric cars, and electric buses. Today marks the
beginning of a new stage in our activities by starting the manufacture and
assembly of electric buses with BYD.”

Present at the signing ceremony were Mrs. Li Hong, first Secretary to Embassy
of the People’s Republic of China in the Republic of Bulgaria, Mr. Valentin
Bojuov, Deputy Minister of transport, information technology and
communications of the Republic of Bulgaria; Mr. Borislav Stefanov, Executive
Director of the Invest Bulgaria Agency; and Eng. Ivo Petrov, Governor of
Pernik province and Mr. Vasil Uzunov, Mayor of Breznik.

The 12-metre long BYD electric bus is able to run 250 km (155 miles) on a
single charge in urban conditions. This allows a travelling range that is
sufficient for one whole shift in most cities. The core technology of BYD
electric buses is BYD’s self-developed Iron-Phosphate battery technology
boasting the highest safety, longest service life and most
environmentally-friendly rechargeable chemistry. It also contains no heavy
metals or toxic electrolytes. The accumulated mileage of BYD electric buses in
Shenzhen, China alone has surpassed 11.81 million kilometers (or 7.33 million
miles) by the end of November 2012.

The establishment of the JV company Auto Group Motors is an significant step
for BYD following a number of deals and customer demonstrations for its pure
electric bus worldwide. Sales have been recorded in China, Netherlands,
Finland, Denmark, Canada, Uruguay and the United States, and bus
demonstrations have been completed or started in Spain, Belgium, Hungary,
Colombia, Chile and Peru .

About BYD

BYD Co., Ltd is a leading-edge provider of green energy technologies that
specializes in the IT, automotive, and new energy industries. Being the
world’s biggest rechargeable battery manufacturer, BYD also has the largest
global market share for cell-phone chargers and keypads. BYD branched out into
the auto business in 2003, and has kept a robust yearly growth rate
successively. In 2008, Warren Buffett invested $232 million to take a 9.89%
stake in BYD. Today, BYD is the fastest-growing Chinese auto company and a
global pioneer in the field of new energy vehicles including Dual Mode
Electric Models and Pure Electric Models.

Based on its core Fe Battery technology, BYD has worked out a Green City
Solution, which aims to electrify urban public transportation systems by
transitioning from gasoline and diesel buses and taxis to pure electric ones.
In March 2012, BYD and Daimler AG officially announced the entirely new EV
brand Denza in China. In addition, BYD has also focused on the Research &
Development and manufacturing of a wide range of new energy products,
including energy storage system, solar energy products and LED lighting. For
more information, please visit,, or email

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BYD Overseas PR Contact
Veronica Jiang
+86 -755-89888888 ext. 62527
BYD Europe B.V. Contact
Penny Peng
+31 -102070888 Vareseweg 55, 3047
AT, Rotterdam, Netherlands
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