BYD says scraps financing JV plan
Updated: 2011-07-06 10:14
BYD Co Ltd, the Chinese automaker backed by US billionaire Warren Buffett, said it had terminated an agreement to set up a joint venture to provide financing for purchases of automobiles in China.
BYD said the decision would not have any significant impact on its financial position or operations.
The Chinese automaker in June last year signed a contract to set up 80 percent owned joint venture BYD Auto Finance Company Limited with registered capital of 500 million yuan ($77.3 million) in Shenzhen, to provide loans for new vehicle buyers.
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