China Yo-Yan and BYD Sign Strategic Cooperation Agreement to Jointly Promote the Upgrading of the NEV Industry [SMM Commentary]

SMM December 27 News: On December 25, GRINM and BYD signed a strategic cooperation agreement at BYD's headquarters in Pingshan, Shenzhen. Attendees included Zhao Xiaochen, Party Secretary and Chairman of the Group, Wang Chuanfu, Chairman and President of BYD, and Wang Limin, Chief Expert of the Group. Huang Zhuo, Deputy General Manager of the Group, and Gong Qing, General Manager of BYD's Institute of Fundamental Research, signed the agreement on behalf of their respective parties.

As a leading enterprise in the NEV sector, BYD has seen a steady increase in market share in recent years, with its automobile sales expected to surpass 4 million units in 2024. This growth not only highlights the rapid development of the NEV industry but also accelerates the growth of related industry chains, particularly the rare earth permanent magnets sector.

Rare earth permanent magnets are a critical component of NEV motors, and their quality is of paramount importance. GRINM, as a pioneer in the field of non-ferrous metal new materials, has set "Technology Services and Industry Cultivation" as its development goal and possesses outstanding production capabilities in rare earth permanent magnets.

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This strategic cooperation will promote in-depth collaboration between the two parties in areas such as technological innovation, product development, market expansion, and talent cultivation. It aims to build a bridge between the NEV industry and scientific research, jointly driving the transformation and upgrading of China's automotive industry chain and enhancing international competitiveness. At the same time, this cooperation will facilitate the layout of emerging productivity in the non-ferrous metal new materials industry, accelerate the high-quality transformation of traditional industries, and promote the sustainable high-quality development of China's NEV industry.