BorgWarner entered a strategic agreement with FinDreams Battery, a subsidiary of BYD Company Limited. Under this agreement, BorgWarner said it will be the only non-OEM localized manufacturer, unaffiliated with FinDreams Battery, with rights to localize LFP battery packs for commercial vehicles utilizing FinDreams Battery blade cells in Europe, the Americas, and select regions of Asia Pacific. The duration of the agreement is eight years.

In addition to receiving blade cells for manufacturing LFP battery packs in the covered geographies, BorgWarner said it will receive a license from FinDreams Battery to use FinDreams Battery’s intellectual property related to its battery pack design and manufacturing process.

“The lithium iron phosphate battery chemistry is an exciting technology that is becoming increasingly important globally due to its cost competitiveness. We have seen increased demand from our customers for packs with LFP cells,” Frédéric Lissalde, president and CEO of BorgWarner, said. “We believe FinDreams Battery is right for BorgWarner in this area, with its 20-plus years of experience and success in LFP batteries for the mobility sector across China and Europe. We are excited to work together to develop cutting-edge cell and battery pack technology to further electrify this market segment.”