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Shares of Chinese electric car maker BYD jump after leader announces Tesla battery deal

This image from December 2019 shows robot arms spray-painting a body at the BYD Automobile Company Limited Xi’an facility. BYD is set to supply Tesla with batteries “very soon”, a senior company leader told a Chinese media anchor.

Yuan Jingzhi | Visual China Group | Getty Images

The shares of the electric car manufacturer BYD rose in trading on Wednesday morning after a top manager said during an interview with Chinese state media that the company is set to supply batteries to Tesla “very soon”[ads1];.

“We are now good friends with Elon Musk as well, because we are preparing to deliver batteries [Tesla] very soon, “said BYD Vice President Lian Yubo during an interview with Chinese state media anchor Kate Kui.

Rechargeable batteries and solar cells (the conversion of light from the sun into electricity) accounted for 7.29% of BYD’s revenue pool in 2021, dwarfed by the more than 50% share taken up by cars and related products, according to the company’s latest annual report.

Hong Kong-listed shares in BYD rose 2.65%, reflecting a broader positive sentiment in the technology as the Hang Seng Tech index rose 2.84%. Shares of other Chinese electric car manufacturers in Hong Kong also rose, with Nio up 4.68% while Xpeng up 5.32%.

However, mainland shares of the Chinese battery manufacturer and Tesla supplier Contemporary Amperex Technology fell more than 6% after the comments. CATL had about 25% of the global market share for electric car batteries in 2020, well ahead of BYD’s 7%, according to Nomura research.

Elsewhere in Asia, Panasonic shares in Japan fell around 0.8%, while South Korea’s LG Energy Solution fell 1.39%. Both companies also supply batteries to Tesla.

– CNBC’s Evelyn Cheng contributed to this report.

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