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China’s leader EV maker, BYD, has held “active” discussions with lithium producer Sigma Lithium as it looks to expand its battery business.
After topping Tesla in EV sales in the final three months of 2023, BYD is not slowing down. The Chinese EV maker is now eyeing expanding its EV battery business.
BYD’s Brazil head, Alexandre Baldry, said discussions were held over a possible supply agreement, joint venture, or acquisition of Sigma Lithium, according to the Financial Times.
Sigma began shipping lithium from its Grota do Cirilo mine and processing plant in Brazil last year. The company went from commissioning the crushing unit in December 2022 to sustaining production levels last month.
A big part of BYD’s success is due to its past. BYD is now the largest global supplier of rechargeable batteries. The company even sells EV batteries like its BYD Blade battery to other automakers, including Tesla, Toyota, Ford, and Kia.
BYD is “more like an engineering company,” North American CEO Stella Li explained, with most components built in-house. For example, BYD makes every part of its Dolphin EV except the tires and windows.
BYD’s affordable EVs are largely due to its control over its supply chain. A major lithium deal could help secure BYD’s position as the top EV maker globally.
Sigma posted a $19 million (CAD 25M) net loss in the first nine months of production. Its first year of production. Revenue reached nearly $97 million (CAD 129.9M).
With top battery producers like Panasonic cutting its profit outlook last year, Sigma Lithium (SGML) stock has slid over 35% in the past six months.
According to FT, Sigma’s board is reviewing an action plan that could involve selling the business or listing its Brazilian unit on the Nasdaq (or Singapore) stock exchange.
Brazilian media Exame reported Volkswagen and CATL are both also eyeing Sigma’s assets. According to the report, China’s CATL is offering more than VW.
According to a Bloomberg report last year, Tesla was also considering buying Sigma. It was “one of multiple mining locations” Tesla was exploring.
Sigma plans to triple its annual production capacity with 22,000 tonnes of battery-grade lithium shipped every month in 2024. That would be about 270,000 tonnes this year.
BYD continues expanding into new markets with the launch of its luxury brand, Yangwang, last year. BYD’s Yangway unveiled its new +1,000 horsepower U7 electric sedan, starting at around $140,000 (1 million RMB).
The EV leader is also preparing to ship its own EVs to Europe on its first transport ship. The BYD Explorer No. 1 is the first Chinese-made ship designed to carry domestic EVs overseas.
BYD’s ship arrived at Yantai Port last week before heading to Shenzen, where BYD will load vehicles. The next stop is Europe. BYD’s Explorer No. 1 can carry 7,000 EVs.
Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising
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BYD is the only EV maker to master battery, electric motors & vehicle control technologies. BYD''s proprietary Iron-Phosphate batteries are the heart of our company, providing safe, reliable power to all our vehicles and energy storage systems.
Discover some of BYD''s breaktroughs and notable achievements below!
BYD was founded in 1995 as an advanced battery manufacturer and consumer electronics company. BYD continues as a leading manufacturer of smart phones, tablets, and laptops for global partners such as Apple, Dell, Toshiba, Microsoft, Samsung, Motorola, and many more.
BYD has become one of the world''s largest producers of safe and reliable rechargeable batteries, driving innovation by reinvesting billions of U.S. dollars into research and development. BYD has over 25 years of experience designing and buliding advanced battery systems, dedicating more than 20,000 engineers to R&D and securing over 15,000 patents.
In 2003, BYD entered the automotive market and began to apply its battery expertise to the transportation industry. BYD''s unique combination of battery and automotive experience is now revolutionizing every aspect of clean transportation, with a vertically integrated zero-emission product line including solar power generation, energy storage and transportation applications such as car, buses, forklifts, and trucks.
Acting on the advice of longtime lieutenant Charlie Munger, MidAmerican Energy, a unit of investment guru Warren Buffett''s Berkshire Hathaway purchases a 10 percent stake in BYD for $230 million. Investors see the move as a solid endorsement for the rapidly expanding firm.
BYD has delivered more electric vehicles than any other company in the world, including cars, buses, trucks and forklifts. Within the BYD Commercial Vehicle Group, BYD has delivered over 50,000 Electric Buses, and more than 12,000 Electric Trucks globally.
In each of BYD''s 33 global locations, BYD promotes local economic development by creating good jobs, training its work force, and ensuring that local communities have access to affordable clean energy. In 2017, BYD more than doubled the size of its Lancaster, CA factory to ~550,000 square feet (sf), with more than 750 union employees. In 2020, BYD will add a 2 MW solar field with 2 MWh of storage to its Lancaster plant, making it a zero-emission Center of Excellence.
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