BYD signs development finance deal with bank

Shanghai, December 15 (Gasgoo.com) Shenzhen-based BYD Auto signed a Development Finance agreement with China Development Bank today. The automaker is also to introduce to the market today its first electric hybrid car F3DM, Nanfang Daily reported.

F3DM, BYD's latest heavyweight model, has been also sourced by the Chinese government, reflecting the government's strong support for new-energy car development.

Last week, China's Export and Import Bank (Eximbank) agreed to grant Chery Automobile, one of the country's Top 5 automakers, a loan of 10 billion yuan ($1.5 billion) to finance its overseas expansion. It was perceived as a signal of the government's "market rescue."

The moves indicate that China is helping its auto industry in policy and the home-brand carmakers are likely to get benefit first.