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After Toyota, another foreign manufacturer held talks with BYD to seek cooperation in electric vehicle power batteries. Today, Bloomberg reported that Audi is said to be close to reaching a battery supply agreement with BYD. In response to the report, BYD said in response to the media that the two sides are indeed in talks, but there are no results yet.

On July 19, 2019, BYD signed a formal contract with Toyota to jointly develop pure electric models for cars and low-chassis SUV, as well as power batteries for these products. The model, which uses the Toyota brand, is scheduled to be launched in China by 2025.

The two sides believe that in order to slow down global warming and reduce CO2 emissions, with the goal of further popularizing pure electric vehicles, it is necessary to transcend the shackles of competition and seek common development, so they have reached cooperation in the joint development of pure electric vehicles.

BYD started the battery business in 1995 and made a big foray into the field of new energy vehicles. Since 2015, BYD has won the top spot in global sales of new energy vehicles (PHEV and EV) for four consecutive years.

If the cooperation plan between Audi and BYD is reached, it will become the second company after Toyota to use BYD power batteries.

In addition, BYD revealed at the results meeting on August 22nd that the new generation of iron lithium battery, which will be launched in May-June next year, will have a 50 per cent increase in energy density, a life span of up to eight years and 1.2 million km, and a cost savings of 30 per cent.

Compared with the lithium-ion battery widely used in pure electric vehicles, lithium iron phosphate battery has high stability and relatively cheap price, but the improvement of energy density is limited, so there is a bottleneck in the mileage. BYD restarts the development of lithium iron phosphate battery and is expected to make a breakthrough in energy density.

BYD has been open to the public to supply batteries since 2018, and the company will spin off the entire battery business in the future in order to go public independently.

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