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BYD lures e-taxi operators with financing incentive

(Reuters) – Taxi operators in China interested in electrifying their fleet can pay the full price of BYD’s (1211.HK) (002594.SZ> e6 in installments, saving them the hefty upfront full payment they have to make for a gasoline-powered car, the Warren Buffett-backed Chinese car maker said on Sunday.

They can sign a rental agreement with financing firm or a third party taxi operator which own e6 and claim ownership of the car after the full payment is made, it said in a statement.

Taxi operators can also buy e6 through bank credit with zero down-payment, BYD said, adding China Development Bank is the strategic financing partner for the new initiative.

Each e6 purchased through such arrangements would save a taxi operator 326,477 yuan in five years because of cheaper electric price, even though the e6 costs 180,000 yuan after government subsidies compared with 10,000 yuan for a gasoline car, it said.


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