Shares of Chinese EV maker BYD jump after exec says company is set to supply batteries to Tesla

This photo from Dec. 2019 shows robotic arms spray painting a car body shell at the BYD Automobile Company Limited Xi’an plant. BYD is set to supply Tesla with batteries “very soon,” a senior company executive told a Chinese state media anchor.

A senior executive of BYD said in an interview with Chinese state media that the company is going to supply batteries toTesla very soon.

During an interview with Chinese state media anchor Kate Kui, the Vice President of BYD said that they are going to supply batteries toTesla very soon.

According to the company's latest annual report, BYD's revenue pool was dwarfed by the amount of money taken up by automobiles and related products.

The Hong Kong-listed shares of BYD jumped 2.65%, in line with broader positive sentiment in tech. Nio and Xpeng saw their shares rise in Hong Kong.

Contemporary Amperex Technology's shares fell more than 6 percent after the comments were made. CatL had 25% of the global EV battery market share in 2020.

In Asia, shares of Panasonic in Japan and South Korea fell. The companies supply batteries to the electric car company.

Evelyn Cheng worked for CNBC.