BYD and Sinopec Sign Strategic Partnership to Build New Energy Refueling Network

On June 3, 2024, BYD Company Limited and China Petroleum & Chemical Corporation (Sinopec Group) signed a strategic cooperation framework agreement in Beijing. Centered on building an intelligent energy ecosystem under the theme “Powering Millions of Stations, Flash Charging at Every Fill-up,” the two parties will carry out multi-level, comprehensive collaboration across industry and capital in areas including charging networks, vehicle owner ecosystems, and upstream and downstream segments of the industrial chain. This partnership expands upon their existing cooperation in refined oil supply and integrated energy station development, with a focus on three key areas: First, advancing interoperability of charging networks by jointly building flash-charging stations aligned with the “Flash Charge China” strategy to reshape the new energy refueling ecosystem. Second, creating an integrated ecosystem that combines “energy refueling + automotive services,” exploring synergies in automotive aftermarkets, photovoltaic-storage-charging-inspection integration, membership systems, and data intelligence. Third, collaborating across multiple industrial chain segments, including automotive and battery materials, refined oil products, energy storage, automotive accessories, and centralized procurement of materials and supplies. To date, BYD has built more than 6,100 flash-charging stations and plans to reach 20,000 by the end of 2024. Sinopec operates over 30,000 integrated energy stations nationwide and more than 14,000 charging and battery-swap stations, providing extensive infrastructure support for this collaboration. The partnership aims to accelerate the implementation of the “Flash Charge China” strategy, build a wider-reaching and faster new energy refueling network, and support the transformation and upgrading of the energy and transportation sectors as well as the national energy security strategy.