Elon Musk’s Tesla is expected to buy batteries from the Warren Buffett-backed BYD after facing a tough time in getting its in-house 4680 battery off the ground.
Now, Warren Buffett-backed BYD is set to wash out its closest rival in China, Tesla. Last week, a BYD executive said that his company was “preparing to supply batteries to Tesla very soon.” The potential deal will catapult BYD to become one of the world’s most prominent and largest EV and battery manufacturers.It’s a smart move. BYD has upped its game over the past two years with a range of EVs and higher-technology lithium iron phosphate batteries, allowing it to grab global market share.
The same month, it sold over 46,000 EVs — compared to Tesla’s 1728 — and announced it had stopped making fuel combusting vehicles, a first by any manufacturer. In May, even withBYD’s arrangement with Tesla hasn’t been outlined clearly yet, but the Chinese company is likely to supply Teslas with its Blade battery — an innovative take on the decades-old lithium-iron-phosphate formulation.
Meanwhile, the EV and battery maker has largely been able to circumvent supply chain issues because of its tight relationship with suppliers, and has consistently rolled out a line of cars. As part of its vertically integrated business model, BYD has been actively looking to secure resources like lithium.
Mr Musk’s firm has had a tough time getting its in-house 4680 battery off the ground and is still scouting out locations across the world. While that’s prescient, BYD is further ahead. Sure, its cars may not be as snazzy as Tesla’s yet, but they are selling. Now their batteries are in Teslas, too., especially after enduring a tough lockdown in Shanghai.
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