Covestro, BYD To Co-Develop Advanced Material Solutions
Polymer maker Covestro and China’s biggest electric vehicle (EV) maker BYD announced a signing of memorandum of understanding (MoU) to establish a long-term strategic partnership. The partnership will see the companies co-develop advanced material solutions. BYD will apply the advanced material solutions across their group of industries, including automotive, energy storage and next-generation technologies.
The companies will deepen their collaboration across new energy vehicles, power batteries, public transportation, energy storage, and new technology applications. The partnership will include joint innovation initiatives, technology co-development and strategic investment opportunities. While Covestro will provide dedicated R&D resources for co-developing new technologies, BYD will engage Covestro in new projects and technology roadmaps across its entire business portfolio. The partnership will also provide both companies volume supply security and early access to new material innovations and customized technical support.
The key focus areas laid out by both companies include new energy vehicles, power batteries and storage, and next-generation technologies. BYD will benefit from Covestros, material solutions in lighting, premium interior and exterior, and intelligent electronic components. It will also gain access to lightweight , high-performance materials that balance safety, thermal management, and cost efficiency across EV and residential applications. Covestro’s high performance polymers will also benefit the car maker.
Speaking on the MoU, BYD’s Head of Materials said, “Covestro has proven itself as a trusted material innovation partner, and this agreement reflects our confidence in taking that relationship to a new level. As we continue to push the boundaries of what is possible in future mobility and beyond, we look forward to co-innovating with Covestro to develop the advanced material solutions that will redefine future industries and accelerate our global ambitions.”
Covestro’s President of Engineering Plastics, Lily Wang added, “At Covestro, we believe in the power of material science and collaboration to drive industry transformation – and this partnership with BYD is a strong example of that. BYD’s expanding portfolio represents some of the most exciting and demanding material challenges of our time, and that is exactly where Covestro’s depth of expertise becomes most valuable. We look forward to translating that expertise into tangible solutions together with BYD.”
