BYD inks strategic co-op deal with Wuhan Steel
Shanghai, March 3 (Gasgoo.com) BYD Co. Ltd has recently signed a new strategic cooperation agreement with Wuhan Iron & Steel Co Ltd, xinhuanet.com reported today.
Last week, Wuhan Steel's general manager visited the BYD company in Shenzhen and held talks with BYD CEO Wang Chuanfu on further cooperation for win-win benefits. In the meeting, both companies agreed to cooperate and pool resources for technical R&D, information sharing, steel processing, product delivery, among other things.
The automaker and steel-maker inked their strategic tie-up deal on Feb. 26 during the meeting between their top executives to expand the trade volume of their cooperation.
BYD, the second largest maker of rechargeable batteries, boasts two major business units for IT components and auto manufacture. It has long-term cooperation with Wuhan Steel, whose steel products accounted for 60% of the total steel purchases of BYD in 2008.
As BYD's main steel supplier, Wuhan Steel will provide more discounts to the auto producer according to their new strategic cooperation agreement.
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