BYD Growing Rapidly with Fearsome Momentum... Jabil in the US Acquires Chinese Subsidiary

BYD, the world's number one electric vehicle company, is expanding aggressively through mergers and acquisitions.

According to China Securities Journal on the 29th, BYD acquired the Chinese mobility manufacturing subsidiary of Jabil Singapore through its subsidiary BYD Electronics. The acquisition scale amounts to 15.8 billion yuan (approximately 2.8678 trillion KRW).

BYD stated that this acquisition will expand its smartphone component business and significantly improve its electronic product customers and product structure. The Securities Journal added, "The focus of this deal is on strengthening BYD's smartphone component business."

[Image source=EPA Yonhap News]

Jabil Singapore is a wholly-owned subsidiary of Jabil, listed on the New York Stock Exchange, and ranks fourth globally in the electronic manufacturing services industry. Its headquarters are in Singapore. It has 100 branches in 30 countries and employs more than 250,000 people.

BYD is currently known as an electric vehicle company, but it originally started from selling electronic components. BYD Electronics focuses on electronic components used in consumer electronics such as smartphones and laptops.

Kenny Wilson, CEO of Jabil, said in a statement, "Once the deal is completed, the final agreement will strengthen the shareholder-centric capital framework, including gradual share repurchases."

Meanwhile, Bloomberg estimated that BYD's sales in the second quarter reached 140 billion yuan, a 67% increase compared to the previous year. However, it noted that the quarterly sales growth rate was the lowest in the past year, citing price competition in the local Chinese market as the reason.

This content was produced with the assistance of AI translation services.