BYD will start supplying batteries for Tesla “very soon,” vice president LIAN Yubo said in an interview.
BYD’s shares on the HKEX jumped 2.79 percent, with the Hang Seng Tech index up 4.76 percent to 4,818.36. Chinese EV makers Nio and Xpeng also saw their shares surge.
CATL, currently Tesla’s biggest supplier, saw its shares plummet 6.78 percent.
CATL controls half of the Chinese battery market. BYD has only 16.2 percent.