BYD, China’s leading new energy vehicle manufacturer, said it will focus mainly on the emerging technologies of electric cars and light trains, said Li Qian, the secretary of the company, the 21st Century Business Herald reported.
The train system, “Yungui,” which when translated means SkyRail, is the company’s self-developed low-cost overground metro system tailor-made for medium and small cities.
According to Li, the company has signed deals with more than 10 cities to develop the train system, for a reported total of more than 10 billion yuan (US$1.51 billion).
On October 2016, the company unveiled its first light train and claimed to have invested 5 billion yuan to develop the technology over five years.
Previously, Wang Chuanfu, the chairman of the company, said the market for light trains in China could reach as much as 10 trillion yuan.