- Saudi Aramco and BYD signed a joint development agreement aimed at promoting the development of innovative technologies.
- The partnership will leverage the R&D teams of both companies, aiming to achieve breakthroughs in the NEV sector, Saudi Aramco said.
BYD (HKG: 1211, OTCMKTS: BYDDY) has entered into a partnership with Saudi Arabia's state-owned oil giant Saudi Aramco, following its official entry into the Middle Eastern country's auto market last year.
Saudi Aramco and BYD agreed to explore closer cooperation in new energy vehicle (NEV) technologies, according to a statement from the oil giant yesterday.
Saudi Aramco Technologies Company (SATC), a wholly owned subsidiary of Saudi Aramco, signed a joint development agreement with BYD aimed at fostering the development of innovative technologies that enhance efficiency and environmental performance, according to the statement.
The collaboration will leverage the research and development teams of both companies with the aim of achieving breakthroughs in the NEV sector, the statement said.
The partnership aims to support improvements and build on Saudi Aramco's extensive R&D experience in new energy solutions, said Ali A. Al-Meshari, Saudi Aramco's senior vice president of technology oversight & coordination.
Luo Hongbin, BYD's senior vice president, said he expects Saudi Aramco and BYD's cutting-edge R&D capabilities in NEVs to break the boundaries of geography and mindset to incubate solutions that combine high efficiency performance with a low carbon footprint.
The Saudi government has an aggressive plan regarding electrification, with a target of 30 percent of NEVs by 2030.
On February 20, 2024, BYD officially announced its entry into the Saudi Arabian market, where it unveiled the Han EV, Atto 3, Seal EV, Qin Plus, and Song Plus. The Atto 3 is known as the Yuan Plus in China.
BYD's first Saudi Arabian store opened in the country's capital city, Riyadh, on May 28, 2024. The store is located in the heart of the Al Ghader district.
The store was built by local distributor Al-Futtaim Electric Mobility Company and includes a showroom, discovery center, and service center functions.
BYD sold 1,000,804 NEVs, including plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), globally in the first quarter, up 59.81 percent year-on-year, according to data compiled by CnEVPost.
In overseas markets, BYD sold 206,084 NEVs in the first quarter, up 110.51 percent year-on-year.
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