13 December 2018

BYD looks to financial leasing to expand funding, filing says

Electric-car maker BYD Co. Ltd. (01211.HK, 002594.CN) said it plans to team up with three financial leasing companies to expand funding channels, according to a regulatory filing released late Monday. BYD said it will work with CCB Financial Leasing Corp. Ltd., CMB Financial Leasing and Bank of Communications Financial Leasing Co. Ltd. on tie-ups worth up to 9 billion yuan (US$1.48 billion). The company is under big external financing pressures and the alliances could help it secure long-term operating capital and cut financing costs, it said.

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