Cellumed is showing strength following news that China’s BYD, the global leader in electric vehicle sales, will launch electric passenger cars in the domestic market in the first half of this year.
As of 9:40 a.m. on the 13th, Cellumed is trading at 2,060 KRW, up 4.09% from the previous day.
According to industry sources the day before, BYD has confirmed that it has begun coordinating detailed schedules with the Ministry of Trade, Industry and Energy and the Ministry of Environment to obtain various certifications required for electric passenger car sales next month.
BYD has established an overwhelmingly low-cost, high-efficiency production system by directly manufacturing everything from batteries to electric vehicles. Last year, it surpassed Tesla to become the world’s number one in electric vehicle sales. In the electric vehicle battery sector, it ranks second globally after China’s CATL.
Industry experts have speculated that BYD might use Korea as a production base to circumvent the U.S. IRA law.
Meanwhile, Cellumed has built a close cooperative relationship by signing a contract with BYD regarding product development, domestic certification, and sales of electric two-wheelers and swappable secondary battery packs. Subsequently, they signed a main contract for product development and exclusive supply of electric two-wheelers and swappable battery packs with BYD.
The company explained, “This is a significant contract securing global exclusive sales rights.”
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