Warren Buffett-backed BYD to supply EV batteries to Ford
The Chinese electric vehicle (EV) maker BYD Co Ltd will supply EV batteries to US car maker Ford Motor Co, a document on the website of the ministry of industry and information technology showed on Monday.
Ford's China venture with Changan Automobile 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 car maker.
Shenzhen-based BYD, which is backed by US investor Warren Buffett, said it would supply EV components including batteries and power management devices.
The Dearborn, Michigan-based car maker said last year it planned to launch more than 30 new or significantly redesigned models in China by the end of 2021, of which more than a third will be electric vehicles.
Ford and BYD did not immediately respond to requests for comment.