Benzinga | Oct 7, 2021 05:11AM EDT

Warren Buffett-Backed Automaker BYD Teams Up With Levo To Deliver 5,000 Battery EVs Over 5 Years In US

Chinese automaker BYD Co (OTC:BYDDY) has teamed up with Levo Mobility for the joint deployment of up to 5,000 BEVs in the U.S. over the next five years, the companies said.

What Happened: Levo Mobility is a joint venture between fleet-as-a-service (FaaS) provider Nuvve Holding Corp (NASDAQ:NVVE) and investment firms Stonepeak Partners and Evolve Transition Infrastructure that helps fleets switch to electric vehicles.

The companies said the partnership would provide access to Stonepeak's financing, which in turn would lower the cost of medium- and heavy-duty battery electric vehicle adoption for fleets of all types including mass transit, municipalities, last-mile delivery and school districts.

Levo aims to buy up to 5,000 medium- and heavy-duty BEVs over five years. These may include transit buses and coaches, yard tractors, drayage and refuse trucks, last-mile delivery vehicles, and school buses.

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Why It Matters: BYD has deployed more than 65,000 electric buses globally including home base China and overseas in Europe and the U.S. where it is still expanding its reach. Nuvve on the other hand specializes in transportation and Vehicle-to-Grid (V2G) capabilities. The collaboration will provide the services to customers for a fixed monthly payment with no upfront cost.

The Warren Buffett-backed automaker has been selling more battery electric vehicles than pure-play electric vehicle rivals like Nio Inc (NYSE:NIO) and Xpeng Inc. (NASDAQ:XPEV).

Price Action: BYDDY shares closed 2.64% lower at $61.95 a share on Wednesday.