Eagers Automotive Limited has acquired an additional 31% shareholding of EV Dealer Group Pty Ltd, the national retail joint venture for BYD which manufactures new energy and low emission vehicles.
The acquisition was completed on July 3.
The additional 31% share was acquired from EVDirect.com for $70 million, comprised of $50 million in cash and $20 million in APE shares.
Eagers Automotive now has 80% ownership of the BYD retail joint venture, with the remaining 20% retained by EVDirect.com.
The increased shareholding strengthens Eagers Automotive’s position as the exclusive retail partner for BYD and EVDirect.com in the Australian market.
It also further demonstrates Eagers Automotive’s positioning as a leader in the once in a generation transition to new energy and low emission vehicles.
Independently of the BYD retail joint venture, EVDirect.com holds the exclusive distribution rights for BYD in Australia.
