The project has a total investment of RMB 13.5 billion ($2.14 billion) and is designed to have a total capacity of 45 GWh.
(Image credit: FinDreams Battery)
BYD is not only China's largest maker of new energy vehicles (NEVs), but also one of the largest suppliers of power batteries. The company's position is expected to strengthen further as more of its battery projects are built.
On February 26, BYD's battery-making arm FinDreams Battery officially broke ground on a joint venture power battery project with FAW in Changchun, Jilin province, northeast China, according to a press release issued by FinDreams.
The project has a total investment of RMB 13.5 billion and covers an area of 800,000 square meters. It has a total design capacity of 45 GWh, will meet the demand of 1 million NEVs and will achieve an output value of more than RMB 20 billion, according to the press release.
(BYD's blade battery. Image credit: FinDreams)
In July last year, the Changchun city government, FAW and BYD signed an investment cooperation agreement for the power battery project.
At the end of January, FinDreams and FAW established a joint venture with a registered capital of RMB 1 billion, with the two holding 51 percent and 49 percent of the shares, respectively, according to data provider Tianyancha.
The company is called FAW FinDreams New Energy Technology Co with FAW executive Li Hongjian as chairman and He Long, chairman of BYD's battery subsidiary FinDreams, as vice chairman.
The company's business scope includes the development, production and sales of power batteries and battery systems, the development, production and sales of energy storage batteries and energy storage systems, and battery recycling.
FAW FinDreams aims to build a strategic base for NEV power batteries in northeast China and accelerate the use of green technologies locally and nearby, according to a press release today.
In addition to being a NEV giant, BYD is the second-largest power battery supplier in China.
In 2021, the cumulative installed base of power batteries in China is 154.5 GWh, up 142.8 percent year-on-year, according to data released last month by the China Automotive Battery Innovation Alliance.
BYD's power battery installation in 2021 was 25.06 GWh, with a market share of 16.2 percent, ranking second.