BYD will be offering electric car components to third parties in order to diversify their income sources in the face of dwindling demand for cars. The components business is to be conducted through the recently founded sub-brand FinDreams.
The components to be made available include batteries and drivetrains for electric cars, said founder Wang Chuanfu in an online press conference on Sunday. “BYD will open its technology and products to the whole world,” he said, referring to FinDreams.
The Chinese company announced last week the creation of the FinDreams sub-brand to strengthen its electric vehicle business and drive its global expansion. FinDreams, in turn, is divided into five divisions, each of which covers its own technological areas such as Battery, Powertrain and Technology.
“The FinDreams units will help to change the role of Chinese auto industry participants in the global new energy industry,” Wang said. The company is counting on benefiting not only from increased sales of its own vehicles but also from the growth of the EV industry in general through the FinDreams components as the Chinese market recovers.
As China emerges from the other end of the Covid-19 pandemic after being first hit while Europe has yet to flatten the curve, BYD has said that the company’s resumption rate has now recovered to over 80 per cent. The company said that the previous tightness of upstream and downstream supply chains has also eased.
BYD also presented what they are calling the blade battery, which they say has a higher energy density and significantly improved safety. “Today, many vehicle brands are in discussion with us about partnerships based on the technology of the Blade Battery,” said He Long, Vice President of BYD and Chairman of FinDreams. He added that BYD is happy to share the technology and work with global partners on “mutually beneficial outcomes”.
BYD and FinDreams are also aiming for European and North American markets with their component business. BYD will “further strengthen its cooperation with partners in Europe this year in order to deepen the electrification of European public transport vehicles”, according to China Daily. Priority will be given to Great Britain and the Benelux countries.