FAW-FinDreams has a total planned capacity of 45 GWh, and will be able to provide blade batteries for nearly 600,000 vehicles when fully operational. Its initial production capacity is 15 GWh.
(Image credit: FAW-FinDreams)
FAW-FinDreams -- a power battery joint venture between BYD's battery manufacturing arm FinDreams and China's FAW -- has begun production and will supply battery packs for models under the latter's Hongqi brand.
The joint venture battery project, located in Changchun, Jilin, in northeast China, FAW's headquarters city, went into production on February 2, according to a statement by FAW-FinDreams.
The project has a total land area of 370,000 square meters and a building area of 340,000 square meters.
FAW-FinDreams has a total planned capacity of 45 GWh, with an initial capacity of 15 GWh, utilizing BYD's signature blade battery technology.
The total investment in the project is estimated to be RMB 18 billion ($2.5 billion), and when fully operational it will be able to provide blade batteries for nearly 600,000 vehicles, according to the FAW-FinDreams website.
The battery packs produced by the project will utilize a module-less, highly integrated design solution that balances power battery safety, range and long life, FAW-FinDreams said today, adding that the first batch of products will be carried on Hongqi's new all-electric vehicles.
In July 2021, the Changchun municipal government, China FAW and BYD signed an investment and cooperation agreement for a power battery project.
FAW-FinDreams was established on January 15, 2022, with FinDreams holding 51 percent and FAW 49 percent.
On February 26, 2022, the construction of the joint venture battery project officially commenced.
On July 21, 2023, FAW-FinDreams saw the first battery pack roll off the production line.
BYD is the world's largest new energy vehicle (NEV) maker as well as the second-largest battery manufacturer.
In the January-November 2023 period, BYD's installed power battery volume was 98.3 GWh, placing it in second place with a 15.7 percent share, according to South Korean market researcher SNE Research.
In China, BYD's power battery installed base was 11 GWh in December, ranking second with a 22.95 percent share, according to China Automotive Battery Innovation Alliance (CABIA).
($1 = RMB 7.1773)
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