Chinese battery maker BYD to take over car firm

Newswire

HONG KONG, Jan 23 (Reuters) - Chinese battery maker BYD Co Ltd said on Thursday it would acquire control of a state-owned car maker for 269.5 million yuan (US$32.6 million), to tap the country's fast-growing auto market. BYD had agreed to buy a 77 percent stake in Xian Zhen Chuan Automobile Ltd from two state companies, it said in a statement. Xian Zhen Chuan makes cars under the "Flyer" brand. It posted a net profit of 726,000 yuan in the year ended December 31, 2002, on turnover of ...

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