As we have been talking about in the last few days, the Ayala group has finally confirmed that the Philippine conglomerate has acquired electric car company BYD.
In a signing ceremony this morning, the Solar Transport and Automotive Resources (STAR) has given up charge of BYD to AC Motors.
This was followed by a formal announcement at the Philippine Stock Exchange, Ayala being a publicly traded company.
Jaime Alfonso Zobel, a scion of the Ayala business family, will be taking over AC Motors, following this development.
“The Ayala group has always been attracted to disruption and technological change,” the young Zobel said in the press briefing after the singing ceremony.
This leaves the STAR group of Mark Tieng as only one of the dealers of BYD in the Philippines.
