Electric vehicle (EV) manufacturer BYD intends to construct a new factory for producing EV batteries in China, reported Reuters, citing the company’s environmental appraisal filings.
The company intends to invest $1.2bn to build this factory.
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BYD’s battery unit FinDreams Technology plans to construct a facility with a production capacity of 40GWh annually of its Blade Battery.
The facility will be built in Zhengzhou, Henan province, the environmental filings published on the Zhengzhou Government website showed.
The website has sought public feedback on the project. However, a company spokesperson did not comment on the matter when contacted by the news agency.
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Blade Battery is claimed to be a less bulky lithium-iron-phosphate (LFP) battery.
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By GlobalDataBYD chairman Wang Chuanfu stated that it is safer than other options in the market as it does not catch fire.
Blade Battery has been powering the company’s flagship electric cars, Han and Seal models, which compete with Tesla‘s Model 3 in the country.
In February 2022, the Han model sold 9,290 units while the Tang model sold 10,426 units.
The company sold 43,173 pure electric vehicles, reporting a 451% year-on-year (YoY) growth in February 2022.
In January 2023, Wall Street Journal, citing sources, reported that Ford Motor was in talks with BYD to sell its manufacturing facility in Germany.
