Thursday, November 7, 2013

Chinese-Bulgarian Auto Assembly Venture Breaks Down

The project of Chinese electric-vehicle maker BYD Co Ltd. to build an auto assembly plant in Bulgaria's town of Breznik is about to break down.
The joint venture between BYD and Bulgarian energy company Bulmineral Ltd. was signed last December. The plan was to build an auto assembly plant in the western town of Breznik, which would have a monthly output of 40-60 electric buses.
The CEO of Bulmineral, Alexander Usachev confirmed the project will not go ahead, cited by the daily Capital. The main reason he gave was that the electric buses have only received certification in the UK, but not the rest of Europe.
In October, another Chinese company, Chariot Motors, confirmed it will test an ecobus in Sofia's city transportation system.
Currently, the only Chinese investment in the auto-sector is the Great Wall production plant in Lovech, together with Litex Motors.