BYD Motors sets up joint venture in US

BYD Motors, a US subsidiary of China’s automaker BYD Co Ltd, on Wednesday announced a joint venture to launch the first electric bus leasing program of its kind in the United States. The new firm, established with an investment company Generate Capital Inc, will invest $200 million to purchase BYD’s electric buses and then rent out to American users, including universities and bus operators in multiple cities. BYD Motor’s President Stella Li said the partnership will be critical to the development of electric vehicle technology by creating new financing alternatives to “broader range of clients.”