Buffett-Backed BYD Wins First Overseas Contract for Monorail
- Company gets order from Iloilo city in the Philippines
- Electric-car maker is pushing into city public transportation
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BYD Co., which counts Warren Buffett’s Berkshire Hathaway Inc. as a shareholder, won its first overseas contract to build a monorail as the Chinese electric-vehicle and battery manufacturer pushes further into municipal public transportation.
The Shenzhen-based company will construct a monorail in Iloilo, the Philippines, and expects the first phase of the 20-kilometer (12-mile) system to start operations in 2019, it said in a statement Wednesday. The company didn’t provide an investment amount.