Tesla Needs Batteries. This Buffett-Backed EV Maker Will Supply Them ‘Very Soon.’

0 31
Text size

BYD launched its Blade battery in 2020.

Qilai Shen/Bloomberg


BYD

shares rose on Wednesday after the Chinese electric vehicle maker said it was preparing to supply batteries to Tesla.

“We are good friends with Elon Musk and we are preparing to supply batteries to


Tesla

very soon,” BYD’s executive vice president Lian Yubo said in an interview with China’s state-owned broadcaster CGTN. Musk is CEO of Tesla (TSLA).

Hong Kong-listed shares of BYD (Ticker: 1211.Hong Kong), which are up more than13% this year, rose 2.8% on Wednesday.

Shares in China’s


Contemporary Amperex

Technology, or CATL (300750.China), which is a key supplier of lithium-ion batteries to Tesla, among others, fell 0.2% to $460. Tesla stock was up 0.7% at 721.53.

BYD, which is backed by


Warren Buffett’s Berkshire Hathaway
,
launched its lithium iron phosphate (LFP) “Blade Batteries” in March 2020 for use in its own cars as well as working on plans to sell them to other auto makers, including


Toyota

(TM).

Write to Lina Saigol at lina.saigol@dowjones.com

Leave A Reply

Your email address will not be published.