China’s car maker BYD Co Ltd signed a joint-venture agreement on Tuesday with a Bulgarian partner to build an auto assembly plant in the country. The 50/50 joint venture will largely manufacture electric cars and buses, said Alexander Usachev, chief executive officer of Bulgarian energy giant Bulmineral Ltd, Xinhua News Agency reported.
Located in a town west of the country’s capital Sofia, the plant is to churn out 40 to 60 buses per month when it is rolled out in February 2013, Usachev said. He added production will be expanded further by including the entire product line of BYD such as batteries and LED lights.
Ho Isbrand, general manager of the auto export trade division at BYD, said this is a very important step for the company that is looking forward to having partners co-develop businesses in Europe.
BYD’s move came after another Chinese carmaker, Great Wall Motor Co Ltd, developed China’s first automotive project in the country by opening an assembly plant in northern Bulgaria this February.