BYD Backed by Warren Buffett Will Soon Supply Tesla Batteries

Warren BuffettChinese subsidized electric car and battery maker BYD Company baby Soon it will start supplying batteries to Tesla Corporation TSLACnEVpost mentioned On Wednesday, citing an interview with the electric car maker with a local media outlet.

what happened: Lian YuboBYD Executive Vice President and Director of the Automotive Engineering Research Institute praised Tesla’s ingenuity and confirmed its plans to begin delivering the batteries soon.

“Tesla is a very successful company no matter what, BYD respects Tesla and we admire Tesla,” said the report, citing Yubo.

“We are good friends Elon Musk Because we will be supplying him with batteries soon.”

See also: Warren Buffett-backed BYD continues to outpace EV rivals in May

why does it matter: BYD was reportedly based in Shenzhen Got an initial order of 10 GWh for LFP battery cells From muskowned company.

The battery cells were reportedly to be used to power Tesla cars 3 . model And the p . model vehicles.

In 2020, BYD unveiled a new blade battery cell that uses lithium-ion chemistry that looks like a blade.

The company said at the time that it would use the safer and denser battery pack in its upcoming electric vehicles, and was also in talks with other automakers to supply the cells.

China CATL, The world’s largest electric car battery manufacturer, it was previously the sole supplier of these LFP batteries for Model 3 and Model Y cars built at Tesla’s manufacturing plant in Shanghai.

BYD could be the next biggest competitor to Tesla’s supplier list as it has a plant in Lancaster, California, that produces batteries for electric buses that BYD sells in the United States.

price movement: BYDDY stock closed slightly lower at $76.47 Tuesday, according to Data from Benzinga Pro.