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BYD Company (OTCPK:BYDDF) is strengthening its capabilities in key battery components and expanding into the Americas, according to recent reports.
On the supply side, the company would make progress in strengthening its supply of lithium, a key element in the production of its battery technology.
According to state media The Paper, the manufacturing conglomerate is seeking to acquire six lithium mines in Africa. The mines, in total, should yield 25 million tons of ore with a lithium oxide content of 2.5%, or about 1 million tons of lithium carbonate. Citing sources within the company, the report says the new supplies will cover the production capacity of “more than 20 million pure electric vehicles”.
In firmer plans outlined by the company, the number of franchised dealerships in Brazil is expected to reach 100 by the end of 2023. The electric vehicle maker plans to continue its expansion in Latin America in the coming years, building on building on its strong market share in its country. of origin.
Finally, the company’s energy storage product BYD CUBE T28 is in service in North America according to the company’s statements. The BYD Energy Storage WeChat account reported that as of May 30, the grid-level energy storage product has supplied more than 1.6 GWh in North America so far in 2022. The country in which this technology is operational was not disclosed.
Shares of the automaker rose 2.5% Tuesday at midday in the United States.
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