• Nna/kyodo

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Trading house Sumitomo Corp. will spend some ¥500 million ($4.5 million) by February 2020 to acquire a 6.7 percent stake in Taiwan’s top electric bus-maker, RAC Electric Vehicles Inc.

The two will seek to capitalize on the Taiwan government’s plan to replace 15,000 conventional buses with electric vehicles by 2030 with a budget of 30 billion New Taiwan dollars (¥107.2 billion), the Tokyo-based company said.

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