Azerbaijan, Chinese BYD Company Seal Deal On E-Bus Manufacturing Localization (PHOTO)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 13. A signing ceremony of the“Project Implementation Agreement” for a project to localize the manufacturing of e-buses in Azerbaijan with the Chinese BYD Company Limited (BYD) has taken place in Baku, Trend reports via the country's Ministry of Economy.

The agreement was signed by First Deputy Minister of Economy Elnur Aliyev, Deputy Minister of Digital Development and Transport Rahman Gummatov, Deputy Minister of Finance Azer Bayramov, Executive Director of BYD for Central Asia and the Caucasus Chao Shuang, Founder and CEO of SARDA Group Rauf Khalilov, Director of Electrify Azerbaijan LLC, and Director of Azerbaijan Energy Automotive Factory LLC Tariel Rustamov.

As per the deal, the project is set to hit the ground running with electric bus production in Azerbaijan, with plans to gradually ramp up the localization of spare parts to 40 percent by 2030.

Under the signed agreement, as part of COP29, 160 pilot electric buses from BYD have been delivered and launched on route lines in Azerbaijan.

Elnur Aliyev emphasized that the main goal of the project is to provide the country's public transport system with cleaner and more efficient electric buses while expanding local production potential.

He pointed out that the implementation of the project will create conditions for the introduction of high technologies at new production sites and ensure the creation of new jobs in Azerbaijan.

The official added that the signing of the agreement within COP29 further demonstrates the country's commitment to global efforts in combating climate change.

The Azerbaijan Investment Company (AIC) will participate in the electric bus production project in the country as a stakeholder. BYD's partner for the project in Azerbaijan is Electrify Azerbaijan LLC, which is part of the SARDA Group.

The BYD will invest $17.1 million into the establishment of a joint venture for electric bus production, which will be located in the Sumgait Chemical Industrial Park. The project plans to increase annual production capacity to 500 units, taking into account both domestic demand and export opportunities, and will create 600 new jobs.

At the same time, BYD plans to invest in new production capacities to develop the value chain in Azerbaijan. The company also plans future collaboration on the production of light electric trucks, electric vehicles for municipal services, and passenger electric cars.

The Ministry of Economy stated that enhancing energy efficiency, safety, and environmental sustainability of the transport system, along with minimizing atmospheric emissions, are primary objectives of Azerbaijan's sustainable development. To achieve this, it is collaborating with the Ministry of Digital Development and Transport and the Ministry of Finance to modernize the national bus fleet.

To note, BYD, founded in 1995, has become a global leader, achieving a record sale of three million new energy vehicles in 2023. BYD is one of the leading global technology companies, implementing the latest innovations in the automotive industry, electronics, electric batteries, renewable energy, and rail transport.

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