JEJU-DO < invest Korea

According to Pulse by Maeil Business News Korea,

China’s electric vehicle maker BYD Auto Co. will increase supply of its electric cars to South Korea’s Jeju Island and strengthen cooperation with Samsung Electronics Co. in the automotive electronics business, the company’s founder and chief executive pledged.

“Our aim is to have BYD vehicles all around the roads of Jeju,” Wang Chuanfu, founder and chief executive of BYD, said during an interview with Maeil Business Newspaper at the 2018 World Manufacturing Convention held in Hefei, Anhui Province last Friday.

BYD has been operating 20 units of its electric buses in Udo Island, a small neighboring island which is a part of Jeju Island, since last year. The current EV business in Jeju island has been successful so far, allowing it to turn more aggressive in its EV business in the island, the chief hinted. But he did not reveal any detailed plans including the target number of EVs that the company would supply to the island.

BYD, founded in 1995 as a battery maker, began developing electric vehicles in 2008. Warren Buffet, one of the world’s most successful investors, invested $230 million to acquire a 10 percent stake in the company in December 2008. Samsung Electronics also bought a 1.92 percent stake in the automaker in 2016 for $450 million.

The Shenzhen-based carmaker has 30 or more manufacturing bases around the world including its largest electric bus and truck manufacturing facility in Lancaster in California. It announced that it will ramp up production capacity of the Lancaster line by 10 times.

Wang who had met Samsung Electronics Vice Chairman Jay Y. Lee last month in Shenzhen emphasized BYD’s strong partnership with the Korean tech behemoth during the interview. “Samsung Electronics is one of the key investors for BYD,” he said, adding that he discussed the status of BYD’s current business and the Chinese electric car market with Lee last month when the two met. They reportedly agreed to make continuous efforts to reinforce their relationships in the auto electronics business during the meeting.

By Kim Dae-gi and Choi Mira

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Source: Pulse by Maeil Business News Korea (May 28, 2018)