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Hong Kong (AFP) Aug 23, 2010 Chinese battery and auto maker BYD said Monday that it hoped to list on the Shenzhen Stock Exchange in the second half of the year, after delaying earlier plans for a mainland listing. Last month, the Hong Kong-listed company said it was asking for shareholder approval to push back the flotation because of weakness in the stock market. BYD, part owned by a unit of Warren Buffett's Berkshire Hathaway Group, said investors were scheduled to vote on the extension on August 30. The company has said it plans to offer up to 100 million A shares in the southern city of Shenzhen to raise 2.85 billion yuan (419 million US dollars). The proceeds will finance battery, vehicle and auto parts projects. BYD Chairman Wang Chuanfu said Monday the company was on track to launch its electric car in the US market later this year, while the firm is also studying launching home-appliance products. The company said Sunday that its first-half net profit had more than doubled to 2.42 billion yuan, up from 1.18 billion yuan a year earlier, aided by Beijing's measures to boost car sales. However, BYD added that it expected China's domestic automobile industry "to keep modest growth in the future". BYD shares were down 3.23 percent at 44.9 Hong Kong dollars (5.77 US dollars) in Hong Kong. pb/njc -- Dow Jones Newswires contributed to this report
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Scientists develop safer parts for carsPfinztal, Germany (UPI) Aug 18, 2010 German researchers say they've developed a way to mass-produce a safer class of materials for use in automobile crash components. Materials known as thermoplastic fiber composites could replace less-suitable materials in stressed load-bearing structures and crash components in automobiles, the Fraunhofer-Institute for Chemical Technology said in a release Wednesday. Automakers ha ... read more |
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