BYD Co Ltd , the Chinese carmaker backed by billionaire investor Warren Buffett, will launch a joint venture in Bulgaria to produce electric cars and buses, the official Xinhua news agency reported on Wednesday.
BYD and the Bulgarian energy firm Bulmineral signed the agreement on Tuesday to build an auto assembly plant in Breznik, a small town about 50 km west of Sofia, the report said.
The 50-50 venture will be named Auto Group Motors and is expected to deliver its first sample electric bus in February 2013, Xinhua quoted Bulmineral chief executive Alexander Usachev as saying.
The plant will produce 40-60 buses a month when it is operating at full capacity, Usachev said without elaborating.
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