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QINGDAO TODAY
在线翻译:
szdaily -> Business/Markets -> 
BYD to supply electric car parts to rivals
    2020-03-31  08:53    Shenzhen Daily

BYD Co., the Shenzhen-based electric vehicle (EV) maker backed by Warren Buffett, will start offering a full suite of EV components to rivals and aspiring auto manufacturers to diversify its revenue sources amid sputtering car demand.

Among the parts that the company makes and now sells are electric car batteries, powertrains and lights, founder Wang Chuanfu said in an online press conference late Sunday.

BYD, China’s biggest maker of vehicles powered by alternative energy for the past six years, will use the brand name FinDreams for the parts business.

Electric car sales have been slumping in China since July, when the country reduced purchase subsidies, and the decline has been exacerbated by the coronavirus outbreak. BYD, which is financially more stable than most local EV competitors, is betting the new business will help it return to growth quicker even as the market contracts.

“BYD will open its technology and products to the whole world,” Wang said. “FinDreams units will help change the role participants in Chinese auto industry play in the global new energy arena.”

BYD, founded as a mobile phone battery maker, has been growing by expanding into new businesses over the past two decades. The company started car manufacturing in 2003 and rolled out its first vehicles powered by lithium-iron-phosphate batteries in 2006. It has since added electric buses, utility vehicles, energy storage equipments, monorail and insulated gate bipolar transistors to its offering.

To help fight the spread of the coronavirus, the company expanded to face masks and reached a daily production capacity of 10 million units this past week, according to Wang.

(SD-Agencies)

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