BYD eyes battery unit IPO

|By:, SA News Editor

BYD (OTCPK:BYDDF) plans to list shares of its battery business before the end of 2022, according to a Bloomberg report.

The company hasn't decided yet on which exchange to list the shares.

Berkshire Hathaway (BRK.A, BRK.B) will have a piece of the action through its 24.6% stake in BYD.

BYD and Contemporary Amperex Technology are the two biggest providers of EV batteries in China and are poised to challenge LG Chem (OTCPK:LGCLF) and Panasonic (OTCPK:PCRFY) in the future. The push by BYD into EVs is also of interest to automakers such as Tesla (TSLA -0.1%), Nio (NIO +2.8%), BAIC (OTC:BCCMY, OTCPK:BMCLF) Kandi KNDI and Great Wall Motors (OTCPK:GWLLF, OTCPK:GWLLY) looking to compete in varying EV segments and price points.

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