Shell invests in BYD-backed EV investment company

Shanghai (Gasgoo)- Shell (China) Limited ("Shell China"), the China branch of the world's leading lubricant supplier Shell, has become the majority shareholder of a company previously controlled by BYD, indicating its deeper cooperation with the Chinese leading new energy vehicle (NEV) manufacturer.

According to the corporate information inquiry platform Tianyancha, Shell China has obtained 80% stake in Shenzhen BYD Electric Vehicle Investment Co., Ltd. ("Shenzhen BYD"), while the share held by BYD Auto Industry Company Limited ("BYD Auto Industry"), who was the majority shareholder of Shenzhen BYD, was shrunk to 20% from 60%. Meanwhile, Shenzhen Energy Sales & Service Co., Ltd. and Ningbo Meishan Bonded Port Area Rongming Investment Management Partnership (L.P.) were removed from the shareholder list.

BYD Han EV at Shell's charging station; photo credit: Shell

Incorporated in June 2014, Shenzhen BYD features a business scope that include the investment in the new energy vehicle industry, charging pile and charging station fields, as well as the operation and maintenance of electric vehicle charging facilities.

Shell and BYD signed a global strategic cooperation agreement in March this year to help accelerate the energy transition and improve charging experience for BYD's battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) customers. The partnership would start in China and Europe, and then extend to other regions across the globe.

Under the agreement, both parties would form a pan-European Mobility Service Provider (MSP) partnership, offering private and commercial customers of BYD's NEVs membership access to 275,000 charging points through Shell roaming network. They also planned to form a joint venture to develop EV charging networks in China.