Cars
BYD says scraps financing JV plan
(Agencies)
Updated: 2011-07-06 10:14
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BYD Co Ltd, the Chinese automaker backed by US billionaire Warren Buffet, said it had terminated an agreement to set up a joint venture to provide financing for purchases of automobiles in China.
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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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