BYD, GAC to form EV joint venture

BYD Co. will establish a joint venture with state-owned Guangzhou Automobile Group Co. to build electric vehicles, according to Chinese media.The joint venture will be built in Zengcheng, a county near the South China city of Guangzhou, reported Nanfang Daily, a Guangzhou-based newspaper, citing a Zengcheng county government official.BYD will hold a 51 percent in the joint venture while GAC will own the remaining 49 percent interest, according to the newspaper. Further information about the joint venture has yet to be made available.Listed in Hong Kong and Shanghai, BYD is a private automaker headquartered in the south China city of Shenzhen. BYD, which produces both gasoline-powered vehicles and electric cars, is partly owned by U.S. billionaire Warren Buffett.The company builds its electric vehicles in Shenzhen and the central China city of Changsha. It also plans to assemble its electric bus in California.GAC, located in Guangzhou, makes gasoline-powered vehicles under its own brand. It also has joint ventures with Toyota, Honda, Fiat and Mitsubishi.