EV giant Tesla Inc (NASDAQ:TSLA) has reportedly commenced manufacturing Model Y with BYD Co Ltd‘s (OTCPK: BYDDF) (OTCPK: BYDDY) batteries at its Gigafactory Berlin-Brandenburg.
What Happened: Tesla has commenced manufacturing Tesla Model Ys composed of batteries made by Chinese EV maker BYD, reported German publication Teslamag, citing “reliable sources.” The EV is also employing Giga Presses to manufacture the car, the report added.
Why It Matters: In March, some media reports indicated that the two companies are ending their cooperation on battery supplies. However, both Tesla CEO Elon Musk and BYD denied the report.
“That media report is false. Relations between Tesla and BYD are positive,” Musk had said.
According to data released by SNE Research in January, BYD has the second position in the electric vehicle battery market after Contemporary Amperex Technology Co. Limited, or CATL, with a 15.6% market share. BYD is backed by Berkshire Hathaway CEO Warren Buffett.
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