IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Clal Industries and Investments Ltd. (TASE: CII) today confirmed a "Globes" report that it will import Chinese hybrid and electric cars. The company signed an exclusive franchise agreement with Chinese carmaker BYD Auto Company Ltd.
Clal Industries co-CEOS Avi Fisher and Avi Livnat said,"As part of the global movement to improve the environment, and as part of Clal Industries' focus on renewable energy, we decided to enter the ecofriendly car business, both hybrid and electric cars. We see this activity as an additional potential growth engine for the company."
BYD Auto is a unit of BYD Company Ltd. (HKSE: 1211), China's largest battery maker, which had $3.1 billion revenue in 2007 The company owns one of the most comprehensive off-the-shelf solutions for electric car motors.
Two years ago, BYD completed development of a mid-sized electric car, the F3, and it is now completing development of full-electric minivan with a 200-kilometer range. The company will launch an executive hybrid car this year, with a range of more than 100 kilometers on full electric power, before the gasoline engine kicks in.
Published by Globes [online], Israel business news - www.globes-online.com - on September 25, 2008
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