The project, which is expected to go into operation in September, is designed to have a total capacity of 45 GWh, which will meet the demand for one million NEVs.
FAW-FinDreams -- a power battery joint venture between BYD's battery manufacturing arm FinDreams and China FAW, saw its first battery pack roll off the line, after the project started construction in early 2022.
FAW-FinDreams celebrated the occasion with a ceremony at its battery pack production plant on July 21, marking a milestone in the tuning of the production line and laying the foundation for production to start in September, the company said on July 22.
Located in Changchun, Jilin province in northeast China, the project has a total investment of RMB 13.5 billion ($1.87 billion) and covers an area of 800,000 square meters, FAW-FinDreams previously announced.
It is designed to have a total capacity of 45 GWh, which will meet the demand for 1 million new energy vehicles (NEVs) and will realize an output value of more than RMB 20 billion.
In July 2021 Changchun Municipal Government, China FAW and BYD signed an investment and cooperation agreement for the new energy power battery project.
At the end of January 2022, BYD and FAW set up FAW-FinDreams, with a registered capital of RMB 1 billion, and the two shareholders accounted for 51 percent and 49 percent, respectively, according to data provider Tianyancha.
FAW-FinDreams' business scope includes the development, production, sales and recycling of power and energy storage batteries.
On February 26, 2022, FAW-FinDreams announced the start of construction of the power battery project.
FAW-FinDreams aims to create a strategic base for NEV power batteries in the Northeast region and accelerate the use of green technology in the local and nearby areas, the company said at the time.
BYD is China's largest maker of NEVs and the country's second-largest maker of power batteries.
In June, China's power battery installed capacity was 32.9 GWh, up 21.8 percent year-on-year and up 16.5 percent from May, according to data released on July 11 by the China Automotive Battery Innovation Alliance (CABIA).
BYD's power battery installed capacity in June was 9.01 GWh, ranking second with a 27.38 percent share, while CATL's power battery installed capacity in June was 14.85 GWh, ranking first with a 45.13 percent share.