| China's battery and green car manufacturer BYD Co has signed an agreement to take over a metal-dies factory belonging to Japan's Ogihara Corp.
BYD said the deal, signed on April 1, allows it to take over the land, facilities and about 80 employees at the plant in Tatebayashi, Gunma Prefecture. Some production lines of metal dies will be moved to its plants in China, it added.
By using Ogihara's technologies, BYD hopes to improve its vehicle quality to compete with General Motors and Volkswagen in China.
Metal dies, one of Ogihara's core businesses, fell deeply into the red because of a stronger yen and sluggish market demand last year. The plant mainly produces dies for hoods and other auto body parts, supplying Japanese and overseas auto makers.
Wang Chuanfu, chairman of BYD, earlier said the company aims to improve vehicle quality even as it cuts production costs.
The Chinese car maker, backed by billionaire Warren Buffett, joins other domestic rivals to acquire assets overseas, including advanced technologies, as they aim to transform from low-price car manufacturers to be more competitive globally.
Beijing Automotive Industry Holding Co paid US$200 million to buy technology know-how associated with Sweden's Saab brand earlier this year to quicken development of its self-branded vehicles.
Privately owned Geely also sealed a deal with Ford Motor Corp to buy Volvo, another Swedish brand. |
