On July 13, Covestro and BYD announced the signing of a memorandum of understanding to formally establish a long-term strategic partnership. The cooperation will focus on the development and application of advanced material solutions in the fields of automobiles, energy storage and other next-generation technologies to help BYD continue to expand its diversified industrial layout. According to the Memorandum of Understanding on Cooperation, the two sides will deepen cooperation in fields such as new energy vehicles, power batteries, public transportation, energy storage and new technology applications, promote joint innovation and joint technology development, and explore strategic investment opportunities.

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