This expanded memorandum highlights deeper cooperation between EV manufacturers and traditional energy firms. The move may help accelerate practical hybrid technology development. ( BizTrendWire Insight)
BEIJING — China’s BYD and U.S. oil major Exxon Mobil agreed to deepen their collaboration in hybrid automotive technology.
The Chinese electric vehicle maker said the partners signed a long-term strategic Memorandum of Understanding on Monday.
Under the agreement, the companies will work together on customised product research and development.
They will also explore joint work in the application of new materials.
This cooperation builds on earlier efforts between the two firms.
Last year, BYD and Exxon Mobil launched engine oil developed for BYD’s plug-in electric vehicles.
The engine oil product was tailored for hybrid use in plug-in electric models.
BYD said the expanded partnership aims to advance hybrid technology research and application options.
The pact highlights growing cooperation between traditional energy companies and EV makers.
Source: Reuters
