BYD, the electric vehicle and batteries specialist based in China and backed by billionaire investor Warren Buffett, is reportedly planning a share listing for its battery business by the end of 2022.
A Bloomberg report said the company has yet to decide where the shares for the unit will be trading.
The report noted that BYD, which makes batteries for automobiles and mobile phones, is in the process of spinning off its vehicle-battery operations into a separate company before any listing. It isn't clear yet whether the IPO will be for the car battery business alone, or will also include other units, Bloomberg reported.
Demand for automotive batteries is expected to soar as electrification – seen in higher sales of plug-in hybrids as well as pure electric vehicles – picks up. BYD, which makes powertrain batteries for its own vehicles, is said to have started discussions with other carmakers for battery supply contracts.
Bloomberg reported that BYD is also working on a plan to build vehicle-battery factories in both Europe and the US.
The report added that BYD is also talking to potential domestic and foreign investors for fundraising ahead of an IPO.