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EV giant Tesla Inc (NASDAQ:TSLA) has reportedly commenced manufacturing Model Y with BYD Co Ltd‘s (OTCPK: BYDDF) (OTCPK: BYDDY) batteries at its Gigafactory Berlin-Brandenburg.
What Happened: Tesla has commenced manufacturing Tesla Model Ys composed of batteries made by Chinese EV maker BYD, reported German publication Teslamag, citing “reliable sources.” The EV is also employing Giga Presses to manufacture the car, the report added.
Why It Matters: In March, some media reports indicated that the two companies are ending their cooperation on battery supplies. However, both Tesla CEO Elon Musk and BYD denied the report.
“That media report is false. Relations between Tesla and BYD are positive,” Musk had said.
According to data released by SNE Research in January, BYD has the second position in the electric vehicle battery market after Contemporary Amperex Technology Co. Limited, or CATL, with a 15.6% market share. BYD is backed by Berkshire Hathaway CEO Warren Buffett.
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Read Next: Tesla Hikes Prices Again In China This Week — And It’s Steep
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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