The China Development Bank has approved a credit line in the amount of 1 billion reais (US$294 million) to finance the introduction of electric passenger transport vehicles in Brazil, reported the São Paul newspaper Estadão.
The funding will be taken on by BYD Auto Co. a Chinese company, which already has a factory building electric buses in Campinas, São Paulo. Each unit is driven by iron phosphate and lithium batteries and costs one million reais compared to 400,000 reais for a conventional diesel-powered bus.
BYD said this difference will eventually be cancelled out after 10 years, and the proposal put forward to transport companies is to take into account the comparative operational savings along with the cost of purchasing each electric bus.
The lifetime of BYD’s electric buses, estimated at 20 years, guarantees the operators at least a decade of lower operating costs, according to the proposal submitted by the company which is headquartered in Shenzhen, Guangdong Province, a subsidiary of the BYD group.
The city of Campinas, for example, in 2018 plans to establish a minimum quota for electric buses. The city of São Paulo is expected to follow suit. (macauhub)