06:22 AM EDT, 10/17/2024 (MT Newswires) -- Apple ( AAPL ) collaborated with Chinese automaker BYD in developing long-range electric vehicle batteries back in 2017, spending $1 billion a year over the past decade for an EV project that was scrapped in February, Bloomberg reported Thursday, citing people familiar with the matter.

The companies worked together to create a battery system with lithium iron phosphate cells that would be longer-range and safer than typical EV batteries at the time, the report said.

Both Apple ( AAPL ) and BYD did not comment to Bloomberg on the joint battery work, but BYD told the news outlet that its current long-range Blade batteries were independently developed, and that the company owns full design rights, the report said.

Apple ( AAPL ) and BYD did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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