BYD ties up with GAC

Shenzhen-based automaker BYD Co and Guangzhou Automobile Group Co (GAC Group) will jointly launch a new energy vehicle firm, according to a statement that BYD released on Monday.

BYD will take a 51 percent stake in the joint venture, while GAC Group will take the rest, the filing said. The new company will have 300 million yuan ($48.5 million) in registered capital, it said.

BYD's share price increased 3.58 percent on Monday, closing at 51.47 yuan, while Shanghai-listed GAC Group's share price closed at 8.12 yuan with a 1.5 percent jump.