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Major Energy trader Vitol formed a joint venture with Chinese automaker BYD allocating an initial $250 million to expand electric vehicle and charging infrastructure. Vitol has invested over $1 billion in solar and wind energy and other, cleaner fuels.

BYD EV Bus

Vitol's head of renewables Andrew de Pass said in a statement

"Together they will offer municipal, corporate and others a comprehensive solution including electric vehicles, charging infrastructure and depot design... We are excited by the potential and intend to grow our fleet tenfold in the coming years"

The JV will offer electric-car fleet services and charging infrastructure in selected markets. Vitol has invested over USD1 billion in solar and wind energy and other, cleaner fuels. Vitol is currently deploying over 300 electric buses in Bogota, Colombia, and is seeking additional opportunities in South America and elsewhere

 BYD is currently among the largest manufacturers of battery electric vehicles (EVs) in China. Berkshire Hathaway bought a stake in BYD in 2008 and currently holds one-quarter of the automaker's Hong Kong-listed shares, according to a report from the automaker.

The automaker recently announced plans to build a major plant in China's eastern province of Anhui, which is to have a capacity to assemble 400,000 EVs annually, to help cater to the growing demand for BYD vehicles. Sales of electric cars surged in 2020 as China's government pushes to become carbon-neutral over the next four decades. Where China represented just 5% of global EV sales in 2011, that share reached 50% in early 2020. The new facility will also produce electric motors, electric control systems, and other key components of EVs.

Source: Vitol

From The TradersCommunity Research Desk

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