BYD plans to invest RMB 28.5 billion ($4.2 billion) in a power battery base as well as a mining project in Yichun.
(Image credit: Yichun government)
BYD, China's largest new energy vehicle (NEV) company and the second largest power battery maker, is still aggressively expanding its battery capacity.
BYD today signed a strategic cooperation framework agreement with the Yichun city government in Jiangxi province to invest RMB 28.5 billion ($4.2 billion) in a power battery base and mining project in the city, according to a release from the local government.
The battery base will have an annual capacity of 30 GWh, while the mining project will be able to produce 100,000 tons of battery-grade lithium carbonate and ceramic clay, including lithium, annually.
BYD becomes the latest new energy industry giant to set up production facilities in Yichun after CATL, and Gotion High-tech.
On April 20, a CATL subsidiary acquired a lithium exploration right in Yichun for RMB 865 million.
On May 20, an affiliate of Gotion acquired another lithium exploration right in the city for an offer of RMB 460 million.
CATL is China's largest power battery maker, with 11.41 GWh of power batteries installed in China in July, continuing to rank first with a 47.19 percent share, according to data released earlier in the month by the China Automotive Battery Innovation Alliance.
BYD came in second with a 25.23 percent share, or 6.10 GWh of installed capacity, up from 18.53 percent in June.
CALB was in third place in July with a 6.07 percent share, or 1.47 GWh installed, and Gotion High-tech was fourth with a 4.70 percent share, or 1.14 GWh installed.
China's July battery installations: CATL share declines, BYD gains
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