BYD

BYD, the government of Changchun City in northeast China's Jilin Province and FAW Group signed an agreement on Wednesday for the new energy vehicle maker to establish a power battery production base in Changchun.

BYD established a new company in Shenyang, North China's Liaoning province on Wednesday, following the establishment of a new company in Hefei, Anhui province on July 12.

In addition to Nio, the central Chinese city of Hefei is attracting more car companies to set up operations there.

Nio has a P/S ratio of 22 times, while the figure for BYD is 3 times.

After Nio, BYD has become the latest car company to build new energy vehicle projects with the city of Hefei in east China.

As BYD is about to celebrate the first anniversary of Han's launch, the company expects to see the model's 100,000th unit roll off the line on July 15.

BYD Han EV sold 5,815 units and Han DM sold 2,571 units in June.

After BYD announced its June sales figures on Monday, analysts believe its full transition to new energy vehicles (NEVs) is about to be realized.

BYD sold 40,116 new-energy passenger vehicles in June, including 20,016 pure electric vehicles and 20,100 plug-in hybrids.

The three variants are available with 301km and 401km of range and are priced at RMB 79,800 ($12,338), RMB 89,800, and RMB 99,800 after subsidies.