BYD and LG New Energy Strategic Cooperation

On October 7th, the official WeChat account of BYD's wholly-owned subsidiary, Fodi Battery, announced that the company signed a "strategic cooperation memorandum" with LG in Seoul, South Korea on September 4th. The head of LG ESS business unit, Heo kyungbum, and the general manager of Fodi Battery Consumer Battery Business Unit, Lei Lei, took the stage as representatives of both parties to sign the contract.

It is reported that in this cooperation, Fodi Battery, along with the consumer battery heavyweight product LFP 4680, has deeply combined with LG's global brand influence to create a super competitive product for the European and American markets. After signing the contract, both parties will conduct in-depth exchanges on the business development situation, competitive advantages of both companies' technologies/products, and deepen mutual understanding.

In addition, Fodie Battery and LG exchanged opinions on IRA policies, future development directions, and strategies. At the same time, combined with the integration capability of the entire industry chain of Fodie batteries, both parties have expressed strong willingness to cooperate on battery cells, modules, and system terminals.

Lei Lei stated that this strategic cooperation is of great significance for the future development of the consumer battery business unit. This not only helps to improve the competitiveness of both parties in the market, but also enables both parties to achieve milestone breakthroughs in the development strategy consensus. In the future, both parties will engage in deep cooperation in the fields of home energy storage, robotics, and other smart homes, creating world-class products, and jointly promoting the sustainable development of the lithium battery industry.