BYD hopes that by partnering with KG Mobility and making batteries in Korea it will be eligible for U.S. tax credits
While details about the joint venture are still thin on the ground, it is reported that both BYD and KG Mobility want to secure stable battery supplies with the venture. Additionally, it is reported that mass production at the plant could start as early as January 2025. While BYD has not responded to the report, such a venture would be the first established between a Chinese car/battery manufacturer and a South Korean carmaker.
“It is indeed a significant event, a major cell maker like BYD having production capacity in South Korea, where local cell makers have not yet mastered the technology to offer low-cost batteries BYD could offer to automakers,” Hyundai Motor Securities analyst Kang Dong-jin said.
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