China's BYD Moves to Build Auto Assembly Plant in Bulgaria

China's electric-vehicle maker BYD Co Ltd signed a joint-venture agreement on Tuesday with a Bulgarian partner to build an auto assembly plant in the country.

The 50/50 joint venture will largely manufacture electric cars and buses, said Alexander Usachev, chief executive officer of Bulgarian energy company Bulmineral Ltd, as cited by Xinhua.

Located in the Southwestern Bulgarian town of Breznik, the plant is to churn out 40 to 60 buses per month when it is rolled out in February 2013, Usachev has revealed.

He added production will be expanded further by including the entire product line of BYD such as batteries and LED lights.

Ho Isbrand, general manager of the auto export trade division at BYD, said this is a very important step for the company that is looking forward to having partners co-develop businesses in Europe.

Bulgarian Economy Minister Delyan Dobrev recently revealed that Chinese investors are planning to build three factories for the production of buses in the country.

The Minister said that the battery-power bus plant he mentioned will be based in Breznik, the investment being worth EUR 135 M. He added that he was unable to provide more specific details about the two other Chinese investments in bus-manufacturing plants in Bulgaria.