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BYD, the Chinese language electrical automobile firm in China, introduced on Tuesday that the Warren Buffet backed automaker is engaged on a possible acquisition of Yi’an P&C Insurance coverage Co, an insurer that was seized by Chinese language regulators two years in the past as a part of a crackdown on monetary conglomerates.
Chinese language enterprise publication Caixin reported earlier this month, citing unnamed sources, that BYD would absolutely take over the insurer and would use it to start out an insurance coverage enterprise concentrating on electrical autos.
“The acquisition is ongoing,” BYD mentioned in a press release on Tuesday, referring to the reported deal. It mentioned it might launch extra particulars later.
Electrical autos are costly to restore, posing a problem to automotive insurance coverage suppliers. Tesla (NASDAQ: TSLA)) launched its personal insurance coverage affiliate in August 2019, promising charges as much as 30% decrease than opponents.
In the meantime, Ford (NYSE: F) can be discussing the sale of its manufacturing plant in Saarlouis, Germany to BYD.
By Michael Elkins | [email protected]