On March 24, oil and energy company Shell plc and Chinese automaker BYD signed a global strategic agreement to collaborate on charging terminals, home energy solutions, and the construction of electric vehicle service centres. The partnership will start in China and Europe, with plans to expand globally. Shell and BYD also plan to set up a joint venture to develop electric vehicle charging networks in China.
Why it matters
The partnership with BYD is an important step towards achieving Shell’s goals as the energy company aims to further expand its retail and mobility business in China and support electric vehicles to achieve carbon reduction goals. The cooperation between leaders in the energy and automotive industries will provide consumers with a high-quality service experience in charging equipment and new energy vehicle consumption.
Shell and BYD are interested in global R&D cooperation in battery performance and industry-leading charging.
Context
China is a global leader in both the production and use of electric vehicles. In 2021, China sold over 3.5 million electric vehicles and plug-in hybrids, a 1.6-fold increase over the previous year. To meet consumer demand, China strives to increase the availability of EV charging infrastructure.
