BYD CLOSES NEW ENERGY VEHICLE DEAL IN IRAN
Chinese renewable energy technology company BYD has become the first company to supply pure electric vehicles to Iran. BYD’s strategic partnership with the country’s largest private passenger car manufacturer Kerman Khodro will also see the Shenzhen-based company export other leading technological products to Iran including hybrid vehicles, electric commercial vehicles and rechargeable batteries.
Iran is just one of several Middle Eastern countries responding to climate change concerns through various environmentally friendly policies such as tax breaks for new energy vehicles. These initiatives also assist nations in reducing their dependence on fossil fuel.
BYD’s commercial initiatives in the Middle East and Africa presently include energy storage, new energy vehicles and solar power generation. The success of BYD creates the necessity to increase the company’s production capacity. Therefore the company decided to advance three projects on Xi'an Hi-tech Industrial Development Zone in Xi'an.
The strategic cooperation agreement for high-end smart terminal manufacturing project, new energy bus production project and straddle-type monorail production project was signed recently by the Xi'an municipal government, Xi'an Hi-tech Industrial and Development Zone and BYD Co Ltd.
According to the agreement, BYD will invest totally 5 billion yuan ($728 million), of which 1 billion yuan goes to the high-end smart terminal manufacturing project, 2 billion yuan to the new energy bus production project and 2 billion yuan for the straddle-type monorail production project. BYD will produce 5000 pure electric bus annually with output value of 8 billion yuan after the new energy bus production project is completed.