Chinese BYD is entering the world: the largest share offering and alliance with Tesla
Business
China's electric vehicle manufacturer BYD has made its largest stock offering in Hong Kong in the last four years, attracting $5.6 billion. But the most unexpected news was BYD's statement about cooperation with Tesla.
BYD placed 129.8 million shares at a price of 335.20 Hong Kong dollars (approximately 40.9 euros) per share, which is 8% below market value. The received funds will be directed to foreign expansion, including the construction of factories in Turkey, Hungary, and Brazil, and strengthening positions in the international market.
Despite the competition, BYD announced its readiness to cooperate with Tesla to accelerate the transition from gasoline cars to electric vehicles. "Our common enemy is the internal combustion engine," said BYD Executive Vice President Stella Lee. The company is ready to share technologies, including development in the field of autonomous driving.
In recent years, BYD has been actively conquering Europe by offering electric vehicles at more affordable prices than local brands. Blade Battery technology, which provides greater energy efficiency and mileage, makes BYD vehicles particularly attractive to European buyers.
Despite the competition, BYD announced its readiness to cooperate with Tesla to accelerate the transition from gasoline cars to electric vehicles. "Our common enemy is the internal combustion engine," said BYD Executive Vice President Stella Lee. The company is ready to share technologies, including development in the field of autonomous driving.
In recent years, BYD has been actively conquering Europe by offering electric vehicles at more affordable prices than local brands. Blade Battery technology, which provides greater energy efficiency and mileage, makes BYD vehicles particularly attractive to European buyers.
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