BYD to invest over 1.4b yuan in subsidiary ventures

Gasgoo.com (Shanghai July 20) - BYD is planning to invest 1.48 billion yuan ($229.3m) to further develop four of its subsidiary companies, Shanghai Securities News reported today.

In order to fulfill its goal of hiring enough staff for its planned lithium battery company in Shenzhen, BYD has invested 130 million yuan ($20.12m). After the investment, total registration capital for the new company has increased to 1.6 billion yuan ($247.6m), with BYD retaining full ownership. The manufacturer has also invested 90 million yuan ($13.93m) in a lithium producer based in Shigatse, Tibet, increasing its ownership share to 18 percent.

Meanwhile, the company has set $180 million for its new automobile research center, also based in Shenzhen. Registration capital for the new company has increased from $268 million to $448 million, while BYD's ownership share has rose from 54.94 percent to 73.05 percent. The manufacturer invested a further 100 million yuan ($15.48m) in its new auto parts venture.