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BYD (BYDDY) & Levo Tie Up for Electrification of U.S. Fleets
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BYD Co., Ltd. (BYDDY - Free Report) has joined forces with Levo Mobility — a joint venture between vehicle-to-grid (V2G) specialist Nuvve, and capital investors Stonepeak and Evolve — for the deployment of 5000 electrified fleets in the United States over the next five years.
The alliance seeks to integrate Nuvve’s V2G proprietary technology into a variety of BYD’s vehicle mix including transit buses and coaches, last-mile delivery vehicles, school buses, tractors as well as refuse trucks. Nuvve’s technology combined with the capital of equity firms will enable Levo to offer FaaS (Fleet-as-a Service) solutions for a smooth transition of fleets into electric mode. Nuvve would also offer related charging infrastructure, and energy maintenance and other services to customers with no upfront costs. Levo plans to purchase up to 5,000 medium and heavy-duty V2G-enabled electric vehicles (EVs) via a preferred financing partnership with BYD.
Levo believes that the collaboration with the China-based EV giant will accelerate the momentum of electrification, which aligns with Nuvve’s vision and goals. Last year, Nuvve and Lion Electric Company (LEV - Free Report) joined forces for V2G pilot deployment into five school buses in New York. It also collaborated with school bus manufacturer Blue Bird Corporation (BLBD - Free Report) for V2G technology integration into school buses in California. With the latest deal, Nuvve seeks to incorporate its FaaS strategy into BYD’s lineup of commercial vehicles.
For BYD, the alliance makes much sense as it provides a financing solution and the world’s leading V2G platform to drive the transition from gas-powered vehicles. Over the years, BYD has become one of the biggest manufactures of fully electric and hybrid vehicles. While BYD sells e-buses and trucks worldwide, sales of its passenger vehicles have been limited to China. The company, which had long been eying to sell cars and SUVs outside China, hit a milestone in July when it launched the Tang electric SUV in Norway, with plans to expand in Europe.
BYD’s sales volume of electric and hybrid vehicles jumped 155% year over year for the first half of 2021. Meanwhile, ICE sales volume slid 6%. The company delivered 36,238 EVs last month, up 140% from September 2020 levels. NEVs skyrocketed 258% year over year to 71,099. Monthly sales for BYD’s NEVs have surged around 10,000 units for four consecutive months. The firm’s third-quarter NEV sales were up a whopping 294% year over year to 183,000, with zero-emission vehicles’ sales jumping 186% to 91,616 units. BYD — which shares space with other China EV firms like NIO Inc. (NIO - Free Report) , XPeng and Li Auto in the same industry — currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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BYD (BYDDY) & Levo Tie Up for Electrification of U.S. Fleets
BYD Co., Ltd. (BYDDY - Free Report) has joined forces with Levo Mobility — a joint venture between vehicle-to-grid (V2G) specialist Nuvve, and capital investors Stonepeak and Evolve — for the deployment of 5000 electrified fleets in the United States over the next five years.
The alliance seeks to integrate Nuvve’s V2G proprietary technology into a variety of BYD’s vehicle mix including transit buses and coaches, last-mile delivery vehicles, school buses, tractors as well as refuse trucks. Nuvve’s technology combined with the capital of equity firms will enable Levo to offer FaaS (Fleet-as-a Service) solutions for a smooth transition of fleets into electric mode. Nuvve would also offer related charging infrastructure, and energy maintenance and other services to customers with no upfront costs. Levo plans to purchase up to 5,000 medium and heavy-duty V2G-enabled electric vehicles (EVs) via a preferred financing partnership with BYD.
Levo believes that the collaboration with the China-based EV giant will accelerate the momentum of electrification, which aligns with Nuvve’s vision and goals. Last year, Nuvve and Lion Electric Company (LEV - Free Report) joined forces for V2G pilot deployment into five school buses in New York. It also collaborated with school bus manufacturer Blue Bird Corporation (BLBD - Free Report) for V2G technology integration into school buses in California. With the latest deal, Nuvve seeks to incorporate its FaaS strategy into BYD’s lineup of commercial vehicles.
For BYD, the alliance makes much sense as it provides a financing solution and the world’s leading V2G platform to drive the transition from gas-powered vehicles. Over the years, BYD has become one of the biggest manufactures of fully electric and hybrid vehicles. While BYD sells e-buses and trucks worldwide, sales of its passenger vehicles have been limited to China. The company, which had long been eying to sell cars and SUVs outside China, hit a milestone in July when it launched the Tang electric SUV in Norway, with plans to expand in Europe.
BYD’s sales volume of electric and hybrid vehicles jumped 155% year over year for the first half of 2021. Meanwhile, ICE sales volume slid 6%. The company delivered 36,238 EVs last month, up 140% from September 2020 levels. NEVs skyrocketed 258% year over year to 71,099. Monthly sales for BYD’s NEVs have surged around 10,000 units for four consecutive months. The firm’s third-quarter NEV sales were up a whopping 294% year over year to 183,000, with zero-emission vehicles’ sales jumping 186% to 91,616 units. BYD — which shares space with other China EV firms like NIO Inc. (NIO - Free Report) , XPeng and Li Auto in the same industry — currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.