On March 19, BYD released an announcement on adjusting the scope of investment of the company's non-public offering of equity investment projects and new implementation entities. The announcement stated that in order to increase the efficiency of the use of funds raised from non-public offering of stocks, it is in line with the company's business adjustment direction. It is planned to adjust and optimize the investment scope of the "New Energy Vehicle R&D Project" for the non-public issuance of stocks to raise investment projects, and to add BYD Automobile Co., Ltd., a controlling subsidiary of the main company, and BYD Automobile Co., Ltd. of Changsha City. The changed raised capital investment project does not constitute a related party transaction. The insufficient part of the raised funds to invest in this project will be solved by the implementing entity.
According to BYD’s announcement, the company’s non-public offering of equity investment project “New Energy Vehicle R&D Project†originally planned to raise RMB 5 billion, which accounted for 33.33% of the total fundraising amount. New energy auto R&D projects are mainly used. In the dual-mode car (Qin II, Tang II, Han, Xia, S9), pure electric passenger car (R project), pure electric passenger car (C6 II, C7, C9 II, K7 (replacement), K9 (Renewed)), electric vehicles (T5A, J7, V220) and related basic platform R & D.
After adjustment and optimization, the C Series and K series are divided into length and function according to the passenger vehicle model platform of the “ Dynasty†series models (such as Qin, Tang, Song, Yuan, Han, Xia etc.) and E series that were named after the dynasties. The X-series and other electric passenger vehicle project platforms are divided into series of electric truck project platforms such as commodity logistics vehicles, building flow vehicles, and tractors according to their functional characteristics; passenger vehicles on the same platform model develop multiple power configurations.
BYD said that the “new energy vehicle R&D project†belongs to the R&D category and does not directly generate economic benefits. The adjustment and optimization of the scope of investment and the increase in the implementation of the main body, will help raise the efficiency of raised funds, promote the smooth implementation of raised investment projects, help to adapt to the company's automotive business development direction, changes in the automotive market environment, as well as automotive brand upgrade needs, through " New Energy Vehicle R&D Project "The company will launch automotive products that are closer to market demand, meet the diverse needs of consumers and the needs of specific market segments; further enrich the company's product types, increase market share, and enhance future automotive business. The sales scale and profitability enhance the company's core competitiveness.
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