SHANGHAI : Chinese electric vehicle giant BYD said on Tuesday it is working on a potential acquisition of Yi'an P&C Insurance Co, an insurer that was seized by Chinese regulators two years ago as part of a crackdown on financial conglomerates.
"The acquisition is ongoing," BYD said in a statement on Tuesday, referring to the reported deal. It said it would release more details later. A Shanghai court last year fined the conglomerate 55.03 billion yuan and sentenced its founder, Chinese-Canadian billionaire Xiao Jianhua, to 13 years jail on charges that included siphoning away public deposits and betraying the use of entrusted property.
Tesla SUCKS!!!
You gotta do more international business get them out there!🙂
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