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China’s BYD to Supply Batteries for Tesla Electric Vehicles

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China’s electric vehicle maker BYD jumped in Wednesday morning trade after a senior executive said in an interview that the company is set to supply batteries to Tesla “very soon.”

The former executive Vice President Lian Yubo added that BYD and Tesla are now good friends and both the parties are exploring the partnership. The Chinese EV company is the world’s biggest manufacturer of the EVs and plug-in-hybrids, and working on supplying batteries to other automakers such as Toyota.

At present, Tesla’s provider of LFP batteries is Chinese battery giant CATL, nearly half of Tesla’s vehicles were equipped with LFP batteries. CATL has roughly 25% of global EV battery market share in 2020, ahead of BYD’s 7%, according to the Nomura research.

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