BYD to buy U.S. firm Jabil's China manufacturing business

This photo taken on June 16, 2023 shows the booth of Chinese carmaker BYD during the 27th Guangdong-Hong Kong-Macao Greater Bay Area International Auto Show at the Shenzhen Convention and Exhibition Center in Shenzhen, south China's Guangdong Province. (Xinhua/Liang Xu)

GUANGZHOU, Aug. 28 (Xinhua) -- China's leading NEV manufacturer BYD said on Monday that its holding subsidiary has inked an acquisition framework agreement with the Singaporean subsidiary of U.S.-based firm Jabil Inc. to buy its manufacturing business in Chinese cities of Wuxi and Chengdu, for 15.8 billion yuan (about 2.2 billion U.S. dollars).

The intended purchase will mainly include the parts manufacturing business for Jabil Circuit (Singapore) Pte. Ltd.'s existing customers, marking BYD's electronics unit expansion of the core supply chain of its consumer electronics, further increasing market share and consolidating its leading position in the industry, said BYD.

Jabil Inc., a U.S.-funded enterprise headquartered in Florida, provides multi-field manufacturing services and ranks at the forefront of the global electronics manufacturing services industry. ■