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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.