China's BYD plans to list its battery business by 2022

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© Reuters. FILE PHOTO: A man walks past a light flashing on the floor in the shape of the logo of BYD Auto during the media preview of the 10th China International Automobile Exhibition in Guangzhou© Reuters. FILE PHOTO: A man walks past a light flashing on the floor in the shape of the logo of BYD Auto during the media preview of the 10th China International Automobile Exhibition in Guangzhou

BEIJING (Reuters) – China’s BYD Co Ltd said on Thursday it plans to list its battery business by 2022, the electric vehicle (EV) maker’s latest move to rev up its growing battery unit.

The Warren Buffett-backed carmaker did not offer details on where the shares would trade.

The carmaker was confirming a report earlier from Bloomberg, which cited comments from an interview with BYD Chairman Wang Chuanfu.

BYD, which sells the Tang series of cars and plug-in petrol-electric hybrid model Qin, has been trying to shift to all-electric vehicles but has faced battery shortages. It is building more battery production bases to boost capacity.

China is the world’s largest and fast-growing market for new-energy vehicles (NEVs), a category comprising battery-powered cars and plug-in hybrids.

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