BYD Co. Ltd. and Bulmineral Ltd. have signed an agreement to create a 50/50 joint venture company, Auto Group Motors, that will develop and manufacture electric buses in Europe.

BYD, which specializes in electric vehicle technologies, will work with Bulmineral to manufacture the vehicles in Breznik, Bulgaria. The 12-meter-long BYD electric bus can run 155 miles on a single charge in urban conditions. The core technology is BYD's proprietary iron-phosphate battery system.

"We are delighted to set up this e-bus JV company in Bulgaria with Bulmineral," says Isbrand Ho, managing director of BYD EUROPE B.V. "It is a very important step for BYD and will ensure we are able to move forward with our strategy to introduce our electric vehicles and more green products across Europe."