Chinese automaker BYD Co Ltd said on Tuesday it had scrapped plans to list its semiconductor unit in China, saying a move to increase investments in wafer production would significantly affect the unit‘s asset structure.
“BYD Semiconductor intends to seize the time window to make large-scale investment in wafer production capacity,” BYD said in a filing to the Shenzhen stock exchange, adding current wafer supplies were far from enough to meet demand amid rapid growth in electric vehicle manufacturing.
