NEWS
Shengfeng Development Limited Secures Contract Renewal with BYD
FUZHOU, China, Sept. 24, 2024 /PRNewswire/ -- Shengfeng Development Limited ("Shengfeng" or the "Company") (NASDAQ: SFWL), a contract logistics company providing customers with integrated logistics solutions, today announced the renewal of its logistics services contract (the "Contract") with BYD Co. Ltd., China-based company principally engaged in the manufacture and sales of transportation equipment, including electric vehicles (EVs), battery technologies, and renewable energy ("BYD").
Since January 2023, BYD has been a key client for Shengfeng, and the renewal of the Contract underscores the success of this business alliance. Under the renewed Contract, Shengfeng will continue to provide critical logistics services, including the transportation of auto parts, molds, components, and fixtures for BYD's operations.
The collaboration with BYD has been a major growth driver for Shengfeng's new energy sector. In fiscal year 2023, BYD contributed over 25.7 million RMB (approximately $3.6 million USD) of Shengfeng's revenue, and in the first half of fiscal year 2024 alone, revenues from BYD reached 24.5 million RMB (approximately $3.4 million USD). This reflects both the strength of the business alliance and the growing logistics demands of the new energy industry.
Since January 2023, BYD has been a key client for Shengfeng, and the renewal of the Contract underscores the success of this business alliance. Under the renewed Contract, Shengfeng will continue to provide critical logistics services, including the transportation of auto parts, molds, components, and fixtures for BYD's operations.
The collaboration with BYD has been a major growth driver for Shengfeng's new energy sector. In fiscal year 2023, BYD contributed over 25.7 million RMB (approximately $3.6 million USD) of Shengfeng's revenue, and in the first half of fiscal year 2024 alone, revenues from BYD reached 24.5 million RMB (approximately $3.4 million USD). This reflects both the strength of the business alliance and the growing logistics demands of the new energy industry.
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