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Chinese EV maker BYD to spin off chip unit amid global shortage

Analysts say company already self-sufficient in semiconductors

BYD's chip business generated $224 million in revenue last year.    © Reuters

HONG KONG -- BYD, one of China's largest makers of electric cars and buses, is moving ahead with plans to list its semiconductor subsidiary even as rivals scramble to acquire chips to keep up production of their vehicles.

BYD shares rose 4.9% in both Hong Kong and Shenzhen on Wednesday in reaction to the company's disclosure that its board had approved plans for an initial public offering of the chip business on the Shenzhen Stock Exchange's ChiNext board.

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