China's BYD forges partnership with Hyundai auto group unit for powertrain cooperation

Park Sae-jin Reporter Posted : 2019-05-15 16:52 Updated : 2019-05-15 16:57
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[Courtesy of BYD]

SEOUL -- BYD, known as the Chinese counterpart of American electric vehicle maker Tesla, forged a partnership with a unit of South Korea's Hyundai auto group to cooperate in the development and supply of powertrains.

Hyundai Transys, a powertrain maker, said in a statement on Wednesday that the company has signed a memorandum of understanding with the Chinese company to exchange technology and co-develop powertrains for BYD's electric vehicles.

Hyundai Transys would provide a full lineup of powertrains including dual-clutch transmission (DCT) and continuously variable transmission (CVT). The company secured a deal worth 320 billion won ($269 million) in June last year. 

BYD, based in Xi'an, has gradually promoted its brand name in South Korea. Kolon Global Corporation, a Kolon Group unit, agreed in April this year to sell BYD's electric forklifts in South Korea.