Buffett-backed BYD to supply EV batteries to Ford

Chinese electric vehicle (EV) maker BYD Co Ltd (002594.SZ), (1211.HK) will supply EV batteries to U.S. automaker Ford Motor Co (F.N), 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.

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