Buffett-backed BYD to supply EV batteries to Ford
Reuters
Published Jun 01, 2020 05:05
Updated Jun 01, 2020 07:12
BEIJING (Reuters) - Chinese electric vehicle (EV) maker BYD Co Ltd (SZ:002594), (HK:1211) will supply EV batteries to U.S. automaker Ford Motor Co (N:F), a document on the website of the Ministry of Industry and Information Technology showed on Monday.
Ford's China venture with Changan Automobile (SZ:000625) is seeking government approval to build a plug-in hybrid model equipped with BYD's batteries, according to the document.
This marks BYD's first-known battery supply deal with a major global automaker.
Shenzhen-based BYD, which is backed by U.S. investor Warren Buffett, said it would supply EV components including batteries and power management devices.
The Dearborn, Michigan-based automaker said last year it planned to launch more than 30 new or significantly redesigned models in China by the end of 2021, of which over a third will be electric vehicles.
Ford and BYD did not immediately respond to requests for comment.
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Written By: Reuters
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