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• Hong Kong-listed shares of BYD jumped 2.79%
Shares of Chinese electric vehicle maker BYD jumped on Wednesday after the company’s vice president Lian Yubo said that the company would supply batteries to Tesla (NASDAQ: TSLA) “very soon.”
“BYD respects Tesla, and we also admire Tesla,” said Yubo, in a video interview with an anchor from CGTN. “We are now good friends with Elon Musk, and we are going to supply him with batteries very soon,” he added.
Hong Kong-listed shares of BYD jumped 2.79% on Wednesday, as did shares of other Chinese electric vehicle makers such as Nio which rose by 5.07% while Xpeng surged 6.13%.
Currently, Tesla uses LFP batteries supplied by Chinese firm CATL in nearly half of its cars. Tesla also uses nickel and cobalt batteries, supplied by LG Energy Solution and Panasonic.
Shares of Panasonic in Japan dipped 0.78% while South Korea’s LG Energy Solution dropped 1.5%.
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Source: CNEV