Recently, BYD, the world's largest new energy vehicle brand, has made a strategic investment in Harmony Auto's overseas new energy subsidiary, ICAR, acquiring approximately 10% of its shares for $40 million, making BYD a significant strategic shareholder.
This investment is based on a solid foundation of collaboration and strategic alignment between the two parties. Since the initiation of their overseas strategic partnership in October 2023, Harmony ICAR has successfully established over 100 BYD sales and service outlets across 20+ countries and regions in Asia-Pacific and Europe, demonstrating exceptional international operational capabilities, efficient execution, and sustainable profitability.
This strategic investment marks a new level of cooperation, transitioning from business collaboration to capital synergy. It fully reflects BYD's recognition and trust in Harmony ICAR and underscores BYD's commitment to supporting its partners and promoting mutual success.
Following the investment, BYD will empower and support Harmony ICAR to accelerate the implementation of its overseas new energy development strategy. Harmony ICAR will comprehensively enhance its service quality and operational efficiency to play a more significant role in BYD's global development strategy. Together, the two parties will embark on a new journey, steadfast and far-reaching, contributing significantly to the global new energy vehicle industry and ushering in a new historical chapter for green and intelligent mobility worldwide.