Automotive News

Shanghai, August 17 (Gasgoo.com) Chinese battery and electric car maker BYD Co has reached an agreement with one of China's top three auto groups to supply the automaker with lithium-ion batteries for hybrid vehicle productions, becoming BYD's first lithium-ion battery deal with domestic OEMs.

BYD sales manager Wang Jianjun confirmed that BYD did sign contract with one of China's major automakers but he could not tell its name because of professional secrecy.

According to BYD, its self-developed iron-phosphate-based lithium-ion batteries can be recharged more than 2,000 times, which allows the batteries to last for over 600,000kms (375,000 miles).

In May, BYD formed a partnership with Volkswagen to jointly develop hybrid and electric vehicles powered by lithium-ion batteries, which is BYD's first industrial partner.

BYD, which is around 10 percent owned by Warren Buffett's Berkshire Hathaway, sold 170,000 vehicles in 2008 and is aiming to sell 400,000 units this year and 700,000 in 2010. It launched the world's first production plug in hybrid, the F3DM, last December.