Chinese EV and power battery giant BYD has grown rapidly in the global automotive industry. In fact, the automaker managed to triple its annual car sales in 2022.
BYD, through its battery business unit FinDreams Technology, is reportedly planning to develop a new EV battery production plant worth $1.2 billion in East-Central China, as per environmental filings posted on the Zhengzhou government website on January 17.
As per reports, the Zhengzhou government published the file as it asked for public feedback about the said project.
Purpose
FinDreams Technology plans to erect an EV battery production plant with an annual capacity of 40 gigawatt-hours for the company’s Blade Battery in Zhengzhou City.
The project will cost 8 billion yuan ($1.2 billion), per the filings. Unfortunately, the development start date has yet to be determined. It must also be noted that the provincial government must first approve the plan before construction starts.
Blade Battery
BYD claims its Blade Battery is fireproof, making it safer than other batteries available in the market. For those unaware, it is a lithium-iron-phosphate (LFP) battery but in a lesser bulky form. It allows faster charging at a lower price than traditional NMC batteries.
The Chinese EV and battery giant has been using the Blade Battery on its popular EVs, including the Han and Seal sedans, which rival Tesla Model 3 in the world’s largest auto market.
The new EV battery production plant project aligns with the company’s goal to expand its operations beyond Asia. BYD has been increasing its production capacities in China to handle the international market demand.
As previous reports stated, the BYD Atto 3 EV SUV is set to hit the Japanese market in the coming months. It also has plans to penetrate South America’s Argentina and Brazil with its battery-electric and plug-in hybrid cars. That said, the production of EV batteries is crucial for the automaker to ensure the affordability of its offerings.
About FinDreams Technology
FinDreams Technology is among the wholly owned business subsidiaries of BYD, which was established in 2003. Its company size is currently more than 10,001+ employees, with headquarters in Pingshan District, Shenzhen City. Most notably, its scope covers wholesale of motor vehicles and parts.
