Shares of electric vehicle maker BYD jumped on Wednesday morning trade. During an interview, a senior executive said that the company is set to supply batteries to Tesla in the near future.
“We’re now good friends also with Elon Musk, because we’re preparing to supply batteries to Tesla very soon,” BYD Vice President Lian Yubo said during an interview with Chinese state media anchor Kate Kui.
According to the company’s latest annual report, rechargeable batteries and photovoltaic made up 7.29% of BYD’s revenue pool in the previous year, dwarfed by the more than 50% share taken up by automobiles and related products.
Hong Kong-listed shares of BYD jumped 2.65%, mirroring broader positive sentiment in tech as the Hang Seng Tech index advanced 2.84%. Moreover, shares of Panasonic in Japan dipped around 0.8% while South Korea’s LG Energy Solution dropped 1.85%. Both companies also supply batteries to Tesla.
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