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BYD to buy wafer maker for $29 mln

From Reuters| October 09 , 2008 09:41 BJT

SHANGHAI, Oct 9 (Reuters) - Chinese battery maker BYD Co will soon announce the acquisition of local wafer maker SinoMOS Semiconductor (Ningbo) Inc for 200 million yuan ($29 million), newspapers reported on Thursday.

The official Shanghai Securities News quoted Wang Jianjun, assistant to BYD's president, as saying the acquisition would help BYD commercialise electric cars. BYD plans to launch its "F3 Dual-Mode" hybrid cars in China this year and Europe by 2010.

MidAmerican Energy, a unit of U.S. billionaire Warren Buffett's Berkshire Hathaway, agreed late last month to buy a 10 percent stake in BYD for $230 million.

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