Plans for BYD’s new US$1.2 billion battery plant in Zhengzhou revealed by environmental-assessment report
- Constructions plans of a battery plant by Zhengzhou FinDreams Battery, a wholly-owned unit of BYD, were revealed by a notice for an environmental-assessment report on Sunday
- Chinese carmaker needs to boost its battery production ‘to be ready for further growth’, founder of EV industry news website says
The constructions plans of a battery plant by Zhengzhou FinDreams Battery, a wholly-owned unit of BYD, were revealed by a notice for an environmental-assessment report published on the Zhengzhou Airport Economy Zone’s website late on Sunday.
The plant will cover an area of 1.15 million square metres in Zhengzhou, and its production capacity could reach 40 gigawatt hours (Gwh) upon completion, according to the notice. Total investment could amount to 8 billion yuan. BYD did not respond to a request for comment by the Post.
“BYD has seen its EV sales jump rapidly since last year, and it needs to boost its battery production to be ready for further growth,” said Phate Zhang, founder of Shanghai-based EV news site CnEVpost.
The Hong Kong and Shenzhen-listed carmaker more than tripled its sales last year to 1.86 million vehicles, most of them in China. It also unseated Tesla as the world’s largest EV vendor in 2022. The US carmaker delivered about 1.31 million EVs last year, falling short of its 1.4 million unit target.