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BYD to Spend Funds From Share Sale to Expand Battery Production

BYD Co. will spend the proceeds from a planned share sale to increase its capacity to manufacture batteries to meet the growth in demand for electric vehicles.

The maker of electric buses and cars urgently needs to increase the capacity to capitalize on opportunities in the market, according to the company’s investor relations activity log, posted on a website owned by the Shenzhen Stock Exchange. The company, which counts Warren Buffett’s Berkshire Hathaway Inc. as a shareholder, plans to raise about 10 billion yuan ($1.6 billion) in a private A-share placement, people familiar with the matter said.