Tesla Inc. TSLA CEO Elon Musk and Chinese electric vehicle manufacturer BYD Co Ltd BYDDF BYDDY Both have reportedly denied a media report that suggested their battery supply collaboration was coming to an end.
What happened: Musk and the Chinese electric vehicle and battery maker denied a report in The Korean Economic Daily on Sunday that said the companies were ending their battery supply collaboration, Reuters reported.
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reply to a twitter thread, musk said: “This media report is false. Relations between Tesla and BYD are positive.”
According to the report by The Korean Economic Daily, the battery supply contract between Tesla and BYD in Europe expired earlier this year. It also said that Tesla had not asked BYD for an additional supply of batteries with certainty model 3 Vehicles due to alleged quality issues from a series of fire accidents involving BYD lithium iron phosphate batteries.
“Contrary to BYD’s statement, Tesla had no reason to use BYD batteries as accidents became more common,” the Korean Economic Daily quoted a battery industry official as saying.
Why is it important: According to data released by SNE Research in January, BYD ranks second in the EV battery market Contemporary Amperex Technology Co. Limited, or CATL with a market share of 15.6%. BYD recorded the highest growth rate with a Increase in installed capacity by 147.6%Year for year.
BYD led the EV race in Q4 2022, which accounts for 19.8% of EV sales, according to data released by Counterpoint Research. Tesla, which exclusively sells battery-powered electric vehicles, took second place with a share of 12.1%.
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Continue reading: Chinese EV maker BYD aims to push $20 billion worth of BEVs into markets like China, Europe and Japan: report
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