The European based automobile giant Volkswagen is now ready to have its hands on hybrid and electric cars. It has planned to expand its expertise on these fields by finding a link up with Chinese based automaker BYD. BYD is one of the major divisions of the BYD Corporation which has a good experience and expertise on Lithium-ion batteries.
The deal was finalized on Monday after the meeting of Volkswagen facilities in German by the BYD officials. Though it is certain that these two companies are going to work in tandem no terms are officially announced yet. When asked about the deal, Volkswagen officials said the move would make enhance their expansion into alternative propulsion strategy known as BlueMotionTechnologies and also will expand its growth in China. The European company also announced the deals with companies like Toshiba and Sanyo for partnerships demanding electric cars.
Credit: autoweek
Though BYD is not such a big venture as VW, it is certainly gaining widespread attention and the comp got a huge investment of $230 million by the name of the American billionaire Warren Buffet. The company has great plans for growth and is very ambitious in bringing the first electric car to the United States. The company has its roots in Shenzhen, china and it has been in the field making cars from the year 2005. It has developed a plug-in hybrid by the name F3DM for sale in China and also has plans of launching five vehicles in the year 2009 with exhaustive F6DM plug-in hybrid and e6 electric van features. It is also worth mentioning here about another parallel deal that happened with this one where German based Daimler purchased a whooping 10 percent stake in Tesla.
Source: autoweek
