BYD (HKG:1211, SHE:002594) has signed a memorandum of understanding with UAE-based Safeline Group to supply 12 all-electric vehicles, marking the first phase of a broader plan to electrify Safeline's entire logistics fleet, according to a Thursday press release.
BYD's Hong Kong shares were up about 1% in Friday morning trade.
The agreement was facilitated by Al-Futtaim Electric Mobility, BYD's exclusive distributor in the UAE.
Safeline, a regional electrical and mechanical distribution firm, said it plans to assess additional commercial EVs as it targets a complete transition away from internal combustion engines.
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