- Element Fleet Management (TSX:EFN), the largest publicly traded, pure-play automotive fleet manager, has signed a collaboration agreement with BYD, one of the world’s leading electric vehicle manufacturers and battery suppliers
- The news coincides with the opening of Element’s new location in Singapore, a key Asian market
- Element Fleet Management provides a full range of fleet services and solutions to a growing base of world-class clients across North America, Australia and New Zealand
- Shares of Element Fleet Management have gained 26.22 per cent year-over-year, and 157.43 per cent since 2019, backed by exponential net income growth
Element Fleet Management (TSX:EFN), the largest publicly traded, pure-play automotive fleet manager, has signed a collaboration agreement with BYD, one of the world’s leading electric vehicle (EV) manufacturers and battery suppliers.
The collaboration seeks to advance sustainable, zero-emission solutions in the fleet management industry, while complementing Element’s global alliance with Arval, which has grown to encompass more than 4 million vehicles across 55 countries since its establishment in 1995.
The announcement is tied to the opening of Element’s newest location in Singapore, with the goals of enhancing global procurement capabilities and attracting strategic relationships in Asia.
Christine Lee Barber, head of Asian operations, will lead Element’s Singapore location, utilizing her in-depth knowledge and expertise within the region “to solidify and expand Element’s relationships with Asian-based original equipment manufacturers (OEMs),” according to Thursday’s news release.
The association with BYD should help, given the Chinese company’s consistent profitability and large scale, pulling in more than US$68 billion in revenue in 2023 from the production of 1.6 million EVs and 1.4 million hybrid vehicles. Further growth is expected, right at Tesla’s heels, thanks to BYD’s low vehicle prices, which start at around US$40,000, and its in-house battery manufacturing, which represents up to a 30 per cent cost advantage over competitors.
Management insights
“Establishing our presence in Singapore and partnering with a global leader like BYD underscores our commitment to innovation and sustainability in fleet management in Asia and across the world,” Laura Dottori-Attanasio, Element Fleet Management’s president and chief executive officer, said in a statement. “These efforts mark an important step forward for Element as we strengthen our capabilities to meet the growing global demand for decarbonization solutions in the fleet industry.”
“We are excited to partner with Element as we pursue shared goals in reducing the carbon footprint of the automotive industry,” added Stella Li, executive vice president and chief executive officer of BYD Americas. “Our collaboration agreement is more than just a business partnership; it’s a commitment to drive change and lead the way towards a more sustainable future.”
About Element Fleet Management
Element Fleet Management provides a full range of fleet services and solutions to a growing base of world-class clients across North America, Australia and New Zealand.
Shares of Element Fleet Management (TSX:EFN) are down by 0.65 per cent, trading at C$21.47 per share as of 9:36 am ET. The stock has gained 26.22 per cent year-over-year, and 157.43 per cent since 2019, backed by exponential net income growth.
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