Posted January 27, 2018 03:00:52 Southside electric bus maker Electric Bus Systems Inc. is preparing to buy an electric bus.
The company plans to purchase the Southside Bus Company, a bus company in the state of South Carolina, for $8.5 million, according to a news release from Southside.
Southside ElectricBus is a bus manufacturer in South Carolina that has a fleet of more than 1,000 electric buses that are operated by the company.
Electric Bus said the company plans on adding more buses to its fleet, and that the purchase is expected to be completed by the end of 2019.
Southside bus maker says it is working with a team of engineers to develop a more efficient bus.
ElectricBus said in a news report on Monday that it plans to introduce its electric buses in 2019.
ElectricBus said it will operate bus fleets in the South and West Coast, as well as in some of the state’s rural communities.
Electricbus said it expects the new bus fleet to be capable of traveling about 500 miles (800 kilometers) in less than three hours.
The SouthsideBus Company has operated buses in South and Southwest states for more than 40 years.
It is owned by a group of investors led by the billionaire Warren Buffett.
Buffett said in the company’s announcement that he and his fellow investors had purchased the bus company for about $7.5 billion.
The Buffett family has a stake in the bus maker, but Buffett’s company does not own the bus.
Buffett’s Berkshire Hathaway Inc. owns a minority stake in ElectricBus.
The Berkshire Hathaways announced in March that it planned to buy a minority interest in the electric bus company.
The investment, known as a conversion, would allow Berkshire Hathucks to gain access to the bus and its operations.
The announcement was announced after Buffett announced his intention to purchase a stake worth $10 billion in Electricbus.
Electric Bus Systems has had a history of acquisitions in the U.S., including a deal with the Detroit Water and Sewerage Department to buy buses for the company in 2014.
The new purchase will likely be the largest bus purchase in the country, according with a 2015 report by The Detroit News.
Electric buses are currently being tested in several cities, including Los Angeles, Chicago, New York, and San Francisco.