Construction of the project began on August 28 last year, and the main plant has largely been topped out, with some plants already starting to install equipment.
Behind BYD's rapid growth in new energy vehicle (NEV) sales is a continued increase in its production capacity.
BYD's RMB 15 billion ($2.37 billion) plant in Hefei, Anhui province, is expected to see its first new vehicle roll off the line by the end of June, less than a year after construction began, according to an article posted today on the Hefei municipal government's official WeChat account.
The project was signed on July 9 last year and construction began on August 28. The main plant has been largely topped out and some of the plants have started installing equipment, according to the article.
The total investment of the project is RMB 15 billion, and the first phase can achieve an annual output value of more than RMB 50 billion after reaching production, which is expected to drive the total output value of the upstream and downstream industrial chains to RMB 100 billion, the article said.
On March 10, Yu Aihua, party secretary of Hefei, and Wang Chuanfu, chairman and president of BYD (OTCMKTS: BYDDY, HKG: 1211), made a site visit to the construction progress of the project located in Xiatang town, Changfeng county, according to the article.
Hefei will strive to achieve new cars off the line at the end of June this year as scheduled, and reach production three months later, according to the article.
This also echoes the meeting between Wang and William Li, founder, chairman and CEO of NIO (NYSE: NIO, HKG: 9866), which was circulated on Chinese social media yesterday.
Wang appeared at an NIO House campus and was accompanied by William Li, founder, chairman and CEO of NIO, according to an image shared by Ouyang Chen, founder of local automotive media ddxq.tech, on his Weibo on Thursday.
From what was posted on the official WeChat account of the Hefei city government, it appears that Wang visited the JAC-NIO Hefei manufacturing base on the sidelines of inspecting the construction progress of BYD's Hefei plant.
In early July last year, Yu and Wang held a meeting to promote a comprehensive strategic cooperation. The "relevant project" between the two will start construction at the end of August, according to the official WeChat account of Hefei city government at the time.