Saudi Aramco and China's BYD forge strategic partnership for EV development

Saudi oil giant Aramco signed a joint development agreement with Chinese electric vehicle (EV) manufacturer BYD to explore collaboration in the development of new energy vehicle technologies, Aramco said on Monday.

The agreement, signed by Aramco unit Saudi Aramco Technologies Company (SATC), aims to enhance vehicle efficiency and environmental performance, as the kingdom steps up efforts to transition toward cleaner mobility.

The deal comes after U.S. EV maker Tesla launched its presence in Saudi Arabia with an event in Riyadh on April 10. The company is looking to revive global sales, which fell 13% in the first quarter of 2025 amid intensifying competition and ongoing political controversy surrounding CEO Elon Musk.

Read the original article in Reuters: Saudi Aramco signs development deal with China's EV giant BYD