Ssangyong Motor Forms Strategic Partnership with Leading Chinese EV Maker BYD to Boost Eco-Friendly Vehicle Competitiveness

Joint Development of Electric Vehicle-Dedicated Platform Beyond Battery Development
"Will Dispel Market Concerns About the Company's Future"

[Asia Economy Reporter Yu Je-hoon] SsangYong Motor is entering into a strategic partnership with BYD, a leading group in China's electric vehicle sector. Through this, SsangYong plans to secure a stable supply of core electric vehicle components and strengthen its competitiveness in eco-friendly vehicles.

SsangYong Motor announced on the 21st that it signed a "Contract for Electric Vehicle Battery Development and a Memorandum of Understanding (MOU) for Technical Cooperation to Independently Produce Battery Packs" with BYD. The signing ceremony was attended virtually by Jeong Yong-won, SsangYong Motor's administrator, and He Long, President of Findream Industry. In China, the signing was conducted between Shim Jun-yeop, Head of SsangYong Motor's NEV Promotion, and Zhao Tom, BYD's Global Business General Manager, representing their respective company presidents.

The battery developed through this cooperation is expected to be installed in SsangYong's electric vehicle U100 (project name), which is under development with mass production targeted for 2023. SsangYong Motor has secured a concrete execution plan for transitioning to eco-friendly vehicles through this MOU.

Furthermore, both companies plan to expand their cooperation scope in the future through joint development of battery packs and electric vehicle-dedicated platforms. Despite overseas business restrictions due to COVID-19, SsangYong Motor is conducting joint research and development by dispatching numerous researchers to BYD for long-term collaboration.

With the battery development contract and strategic partnership with BYD, SsangYong Motor expects to establish a stable supply system for core electric vehicle components and accelerate the transition to eco-friendly vehicles by shortening development periods. Above all, through close technical cooperation with BYD, the company aims to accelerate the cultivation of next-generation growth engines and dispel market concerns about its future.

Meanwhile, BYD ranks among the top four globally in electric vehicle sales and battery market share. It is known as the only company capable of independently developing all components related to electric vehicles and producing its own electric vehicles. Leveraging its competitiveness in the battery sector, BYD is cooperating with numerous global OEMs.

Administrator Jeong stated, "Through this cooperation with BYD, SsangYong Motor has established a foundation to concretely execute the company's eco-friendly vehicle transition plan in preparation for rapid electrification." He added, "In particular, this cooperation will serve as an opportunity to secure future competitiveness through stable long-term supply of core components such as batteries and the development of new vehicles applying advanced integrated electric and electronic technologies."

This content was produced with the assistance of AI translation services.