Saudi Aramco and China's BYD Team Up to Create New Electric Vehicle Technologies
Saudi Aramco and China’s BYD Team Up to Create New Electric Vehicle Technologies
Saudi energy company Aramco has teamed up with China’s BYD, a top company in electric vehicles and batteries, to work on new technology for electric cars.
Aramco-BYD Partnership
Aramco announced on Monday that its fully-owned company, Saudi Aramco Technologies Company (SATC), signed an agreement with BYD. They will work together to create advanced technologies that improve efficiency and help the environment.
According to Reuters, both Aramco and BYD will use their research teams and knowledge to support this project.
Key Quote
“We believe SATC and our advanced research in new energy vehicles can go beyond borders and ideas to create solutions that work well and reduce carbon emissions,” said Luo Hongbin, Senior Vice President of BYD.
Financial Update
In 2024, Aramco’s net profit fell by 12.4% to $106.2 billion. This was mainly due to lower oil prices and sales. Total revenue also went down slightly by 1%, reaching $436.6 billion.
Stock Price
Saudi Aramco’s stock dropped by about 1% to $6.78 (SAR 25.45), giving the company a market value of $1.7 trillion.
Published: 22th April 2025
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