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    1211   CNE100000296

BYD COMPANY LIMITED

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China's BYD Rushes to Secure Lithium for Electric Vehicle Batteries

07/19/2021 | 10:22pm EDT

Chinese auto and battery maker BYD Co. has been actively purchasing lithium in an effort to secure a key ingredient of batteries that power electric cars and whose price has been soaring.

BYD has signed a contract with Jiangsu Jiujiujiu Technology Co. to purchase at least 7,870 tons of LiPF6, a lithium fluoride commonly used as electrolytes in lithium-ion batteries, by 2023, the lithium supplier's parent said Tuesday in a stock exchange filing.

That followed BYD's recent agreements with two other lithium producers to purchase at least 13,560 tons of LiPF6 in total, also by 2023, according to the statements from the two suppliers.

BYD's move comes as the Shenzhen-based company expands its EV battery business as demand grows in China for electric cars.

In April-June, electric cars accounted for 12% of China's total passenger-car sales, and January-June EV sales exceeded one million vehicles, according to the China Passenger Car Association, close to 2020's full-year total of 1.1 million.

Last week, BYD agreed with FAW Group Corp., a state-owned auto maker, and the government of Changchun in China's northeastern automotive hub to collaborate on an EV battery project, a local government statement showed.

BYD didn't immediately respond to a request for comment.

The price of LiPF6 has been rising in recent weeks. It currently costs more than 400,000 yuan, or around $61,700, per ton, compared with 300,000 yuan per ton in early June and almost six times the price a year earlier, according to commodity price tracker OilChem China.

Besides being a car maker, BYD is also China's second-biggest EV battery supplier after Contemporary Amperex Technology Co. and runs seven EV battery factories in China, mostly in the south.

Unlike many other EV makers, BYD has said it uses self-built batteries in most of its electric cars. That helps the company hedge against supply chain uncertainties and cut costs, analysts say.

Write to Singapore editors at singaporeeditors@dowjones.com

(END) Dow Jones Newswires

07-20-21 0022ET

Stocks mentioned in the article
ChangeLast1st jan.
BYD COMPANY LIMITED 0.33% 243 End-of-day quote.19.59%
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED 1.42% 499.98 End-of-day quote.42.40%
DJ INDUSTRIAL 0.10% 34798 Delayed Quote.11.93%
MSCI SINGAPORE (GDTR) 0.93% 6577.541 Real-time Quote.11.98%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.01% 6.4576 Delayed Quote.-0.42%
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Analyst Recommendations on BYD COMPANY LIMITED
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Financials
Sales 2021 210 B 32 544 M 32 544 M
Net income 2021 4 570 M 707 M 707 M
Net Debt 2021 28 458 M 4 401 M 4 401 M
P/E ratio 2021 147x
Yield 2021 0,07%
Capitalization 804 B 103 B 124 B
EV / Sales 2021 3,96x
EV / Sales 2022 3,28x
Nbr of Employees 224 280
Free-Float 54,6%
Chart BYD COMPANY LIMITED
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BYD Company Limited Technical Analysis Chart | 1211 | CNE100000296 | MarketScreener
Technical analysis trends BYD COMPANY LIMITED
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Mean consensus BUY
Number of Analysts 22
Last Close Price 243,00 CNY
Average target price 270,76 CNY
Spread / Average Target 11,4%
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Managers and Directors
Chuan Fu Wang Chairman, President & General Manager
Ya Lin Zhou Chief Financial Officer
Jun Qing Dong Chairman-Supervisory Board
Hong Ping Cai Independent Non-Executive Director
Yan Bo Jiang Independent Non-Executive Director
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