This December 2019 photo shows robotic arms spray painting a car body shell at BYD Automobile Co., Ltd.’s Xi’an plant. BYD is set to supply batteries to Tesla “very soon,” a senior company executive told a Chinese state media anchor.
Yuan Jingzhi | Visual China Group | Getty Images
electric vehicle manufacturer shares BYD The company jumped into business Wednesday morning, a senior executive said during an interview with Chinese state media, ready to supply batteries Tesla “Very soon.”
“We’re also good friends now Elon Muskbecause we are preparing to supply the battery [Tesla] Very soon,” BYD Vice President Lian Yubo said during an interview with Chinese state media anchor Kate Cui.
Rechargeable batteries and photovoltaics (the conversion of light from the sun into electricity) made up 7.29% of BYD’s revenue pool in 2021, dwarfed by the more than 50% share taken by automobiles and related products, according to the company’s latest annual report .
Hong Kong-listed shares of BYD jumped 2.65%, reflecting broader positive sentiment in tech, with the Hang Seng Tech Index up 2.84%. Shares of other Chinese EV makers also rose in Hong Kong NIO while up 4.68% Xpeng increased by 5.32 percent.
Mainland-listed shares of Chinese battery maker and Tesla supplier Contemporary Amperex Technology, however, fell more than 6% following the comments. According to research by Nomura, in 2020 CATL held about 25% of the global EV battery market share, far ahead of BYD’s 7%.
Elsewhere in Asia, shares of Panasonic Japan lost about 0.8% while South Korea’s LG Energy Solutions declined 1.39%. Both companies also supply batteries to Tesla.
— CNBC’s Evelyn Cheng contributed to this report.
