Investing.com -- Saudi Aramco (TADAWUL: 2222 ), a global leader in integrated energy and chemicals, and BYD (SZ: 002594 ), a top manufacturer of new energy vehicles and power batteries, have announced plans to explore a deeper collaboration in new energy vehicle technologies.

A Joint Development Agreement has been signed by Saudi Aramco Technologies Company (SATC), a wholly-owned subsidiary of Aramco, and BYD. The partnership aims to stimulate the development of innovative technologies that boost efficiency and environmental performance. This collaboration utilizes the research and development teams of both global companies, with a goal of achieving breakthroughs in new energy vehicle technology.

Ali A. Al-Meshari, Aramco Senior Vice President of Technology Oversight & Coordination, stated that the collaboration between SATC and BYD aims to support improvements, building on Aramco’s extensive research and development in new energy solutions. He noted that Aramco is exploring various methods to potentially enhance transport efficiency, from innovative lower-carbon fuels to advanced powertrain concepts. Al-Meshari affirmed that Aramco believes in a multi-faceted approach to support a practical energy transition and is excited to collaborate with BYD on this journey.

Luo Hongbin, Senior Vice President of BYD, expressed that BYD always believes that true breakthroughs come from openness and collaboration. He anticipates that the collaboration between SATC and BYD’s cutting-edge R&D capabilities in new energy vehicles will transcend geographical and mindset boundaries to develop solutions that combine highly-efficient performance with a lower carbon footprint. Hongbin is confident that this will contribute to the global efforts to address the climate challenge.

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