BYD Will Team Up With Daimler to Roll Out New Products
Dou Shicong
/SOURCE : Yicai
BYD Will Team Up With Daimler to Roll Out New Products

(Yicai Global) Sept. 21 -- Chinese new-energy vehicle manufacturer BYD Co. [SHE:002594] will team up with Germany-based multinational carmaker Daimler AG [FWB:DAI] to introduce new products, BYD Chairman Wang Chuanfu said.

BYD has been holding talks with several companies about battery business partnerships, he said at a roundtable press meeting today, adding that his firm is currently considering supplying electric vehicle batteries to other automakers and may announce the first supply contract by the year's end.

The Shenzhen-headquartered carmaker is in talks with Daimler regarding the rollout of new products, and the pair intends to scale up business and investment collaborations, he said.

The share price of the company's auto parts subsidiary, BYD Electronic (International) Co. [HK:0285], rallied on the news today. The stock closed at USD3.18 (HKD24.85), up 16.39 percent.

Wang Chuanfu established BYD as a battery manufacturer in 1995. The group started developing its own electric cars based on proprietary battery technology after acquiring Xi'an Qinchuan Automobile Co. in 2003. It is the best-selling EV brand in China and sold 34.6 million units in the first half.

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Keywords: MSCI , Daimler AG