AUBURN HILLS, Mich., February 8, 2024 – BorgWarner Inc. (NYSE: BWA) announced today a strategic agreement with FinDreams Battery, a subsidiary of BYD Company Limited. Under this agreement, BorgWarner will be the exclusive local manufacturer of LFP batteries for commercial vehicles, independent of FinDreams Battery, which will have the rights to locate factories in Europe, America, and selected regions in Asia and the Pacific. The agreement will be valid for 8 years.
In addition to receiving the latest generation of battery cells for LFP pack production in the designated territories, BorgWarner will also receive a license from FinDreams Battery to utilize FinDreams Battery’s intellectual property related to battery design and production processes.
“The lithium iron phosphate (LFP) battery chemistry is a fascinating technology that is gaining increasing importance worldwide due to its cost competitiveness. We have noticed that our customers are increasingly demanding batteries with LFP cells,” said Frédéric Lissalde, President and CEO of BorgWarner. “We believe that FinDreams Battery is the right partner for BorgWarner in this field, with their over 20 years of experience and success in LFP batteries for the mobility sector in China and Europe. We are excited to collaborate in developing innovative cell and battery pack technologies that will further electrify this market segment.”
Michael He, President and CEO of FinDreams Battery, said, “At a crucial moment with geopolitical complexities and the beginning of lithium iron phosphate electrification for foreign commercial vehicles, the cooperation with BorgWarner for battery localization utilizing FDB cells in the territory leverages mutual strengths, offers diversified and flexible options to foreign customers, and provides additional access to local FDB cell batteries for foreign customers. In pursuit of the vision of ‘enabling people to use batteries,’ FDB will collaborate with BorgWarner to jointly approach the rapid electrification of the foreign commercial vehicle market.”
About BorgWarner
For over 130 years, BorgWarner has been a global leader in automotive innovation, contributing to the successes of mobility worldwide. Today, we are accelerating the transformation to eMobility to collectively build a cleaner, healthier, and safer tomorrow for all.
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The source of the article is from the blog crasel.tk