Warren Buffett-backed BYD to supply Tesla with batteries

The Chinese company, which is the world's largest seller of battery-powered vehicles, will provide Tesla with batteries from the first half of next year.<br><br>BYD has been expanding into new markets and the latest deal with Tesla will mark its entry into the North American market.<br><br>Tesla has said it will use the batteries in its new Gigafactory, which is currently under construction in Nevada.<br><br>The move is part of Tesla's efforts to diversify its suppliers.<br><br>The company has previously relied on Panasonic of Japan and LG Energy Solution of South Korea for its battery supplies.<br><br>The deal marks a significant win for BYD, which has been pushing to secure deals with major car makers in the US and Europe.<br><br>In recent years, the Chinese firm has secured deals to supply batteries to Ford, Volkswagen and Toyota.<br><br>BYD is also looking to expand into the European market and has said it plans to sell electric vehicles in the region for the first time from next year.<br><br>The company has also said it plans to start sales of its passenger cars in India and Southeast Asia next year.<br><br>The move is seen as a significant push by the Chinese firm into new markets.<br><br>The deal with Tesla is also seen as a big win for BYD and the Chinese economy.<br><br>The move is expected to help boost China's economy, which has been slowing in recent years.<br><br>The deal is also seen as a big win for Warren Buffett, who has a stake in BYD through his conglomerate Berkshire Hathaway.<br><br>The billionaire investor has previously said he believes in the potential of the Chinese firm.