Buffett-backed BYD to supply EV batteries to Ford

BEIJING (Reuters) - Chinese electric vehicle (EV) maker BYD Co Ltd <002594.SZ>, <1211.HK> will supply EV batteries to U.S. automaker Ford Motor Co (NYSE: F), a document on the website of the Ministry of Industry and Information Technology showed on Monday.

Ford's China venture with Changan Automobile <000625.SZ> is seeking government approval to build a plug-in hybrid model equipped with BYD's batteries, according to the document.

This marks BYD's first-known battery supply deal with a major global automaker.

Shenzhen-based BYD, which is backed by U.S. investor Warren Buffett, said it would supply EV components including batteries and power management devices.

The Dearborn, Michigan-based automaker said last year it planned to launch more than 30 new or significantly redesigned models in China by the end of 2021, of which over a third will be electric vehicles.

Ford and BYD did not immediately respond to requests for comment.

(Reporting by Yilei Sun and Brenda Goh, editing by Louise Heavens)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Ford (F) PT Lowered to $14 at Morgan Stanley
• Bernstein upgrades Analog Devices on Q3 beat, improving risk-reward
• Etsy upgraded to buy at BofA on durable growth, buyback potential