New energy technology company BYD and Enel Chile recently signed a trade agreement in Santiago, focusing on developing a commercial strategy to strengthen electric mobility in Chile from a global perspective.
The agreement will kick off with a fleet of electric buses that are planned for the new tender of the public transportation system.
The Commercial Agreement was signed by Stella Li, BYD’s Senior Vice President and Nicola Cotugno, CEO of Enel Chile.
The agreement seeks to make available at least 90 buses to the current operators. These buses have been required by Chile Ministry of Transport and Telecommunications to be offered within the framework of the next Transantiago’s bidding process, South America’s largest public urban transportation system.
Through this strategic alliance, both companies will seek to lead the implementation of high-standard and 100% electric bus fleets.
“We can easily supply the Chilean market with our ebuses. They have been thoroughly tested in mass international operations, proving that our technology is mature. Moreover, they represent huge reductions in maintenance and energy costs.” said Stella Li.
The purpose of the alliance is not only focused on strengthening the introduction of electric vehicle operations in Transantiago, but also on implementing a model for smaller fleets in the private transport sector, especially focused on municipalities, government institutions or universities.
BYD and Berkshire Hathaway
In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million is now worth roughly $1.8 billion.
For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.
© 2017 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.