BYD says partners up with Shell for ventures in China, Europe

SHANGHAI (Reuters) – Chinese electric vehicle (EV) maker BYD said on Thursday it has signed a strategic cooperation agreement with Shell that will see the two partner up on ventures in both China and Europe.

BYD said on its official WeChat account that it and Shell would set up a mobility service provider partnership in Europe, which would see Shell provide membership services for BYD customers on its charging network. They would also develop fleet solutions and charging services, it added.

The two companies would also form a joint venture in China to develop a vehicle charging network, BYD said. The network would begin with operating more than 10,000 EV charging terminals in Shenzhen, with the intention of expanding to other cities, it said.

It did not disclose any financial details of the agreement.

(Reporting by Brenda Goh; Editing by Alex Richardson)