Chinese electric automaker BYD said Wednesday it would partner with Generate Capital to launch the first electric bus leasing program in the United States.
A total of 200 million U.S. dollars will be allocated to this program, which will help public and private sector clients accelerate the adoption of battery-powered electric buses by reducing upfront costs, according to BYD, the world's largest manufacturer of electric vehicles.
Generate Capital is a U.S.-based clean energy enterprise that was founded in 2014. The company's chief executive officer and co-founder Scott Jacobs said in a news release that programs like these are "an all-around win" for project developers, customers and for the environment.
Besides that electric buses produce almost no greenhouse gas emissions, they are cheaper to operate, have lower maintenance costs, and are quieter and more pleasant for the rider, Jacobs said.
"BYD's mission is to fundamentally change the world by reducing our dependency on carbon-based fuels through the development and advancement of battery and electric vehicle technology," BYD Motors' President Stella Li was quoted as saying in a statement.
"This partnership will be critical in that effort by creating new financing alternatives to a broader range of clients," the statement added.
Previous reports said out of more than 65,000 public buses running on U.S. roads, currently around 300 are electric.