BYD Loses Bulk of $270 Million Electric Bus Order in ChinaBloomberg News
Shenzhen Western Bus cancels buses after adjusting capacity
BYD has turned to supplying other vehicles amid competition
BYD Co. said a Chinese bus operator canceled a major portion of a 1.8 billion yuan ($270 million) order for electric buses after adjusting its traffic capacity.
Shenzhen Western Bus Co. terminated an order for 2,228 electric buses, out of a total of 2,919 vehicles, after awarding the tender to a BYD unit, the automaker said in a statement to the Hong Kong stock exchange late Monday.
BYD, which counts Berkshire Hathaway Inc. as a shareholder, has been supplying electric commercial vehicles such as buses, forklifts and motorized road sweepers as competition intensifies in the passenger-vehicle market. Founded by billionaire Wang Chuanfu, the company is seeking to build monorail systems to solve traffic congestion in the country’s smaller cities.
The company’s shares rose 0.2 percent at the close in Hong Kong, compared with the benchmark Hang Seng Index’s 1.7 percent gain.
— With assistance by Tian Ying