Electric car maker BYD announced a major asset sale just days after it received approval for a stalled finance joint venture aimed at boosting sales. The approval for its auto finance joint venture comes as rival Geely also has just announced its own approval for a similar stalled joint venture with France’s BNP Paribas. China’s big domestic automakers like Geely and BYD have suffered over the last few years, as they rapidly lost market share in their home market to big global rivals like General Motors and Volkswagen. BYD has suffered more than most of its domestic peers, since it also placed big bets on an electric vehicle (EV) program that has yet to gain much traction despite Beijing’s strong desire to develop the clean energy sector. The financial JV should help BYD’s new energy car sales, since EVs are more expensive than traditional cars. BYD also said it would sell its BYD Electronic Components unit to Holitech for up to CNY2.3 billion. In exchange, BYD will get cash and up to 12.3% of Holitech.