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BYD Co., Ltd. (OTC:BYDDY) has reportedly inked an agreement with the authorities of the Shen-Shan Special Cooperation Zone to develop the third phase of its industrial park.
The project, costing RMB6.5 billion ($893.77 million), will focus on constructing battery-pack production lines and a core parts factory for new energy vehicles (NEVs), reported CnEV Post.
Established in February 2011, the Shen-Shan Special Cooperation Zone operates as a Shenzhen enclave, originally under Shanwei city in Guangdong province but now administered by the Shenzhen municipal government.
In August 2021, BYD signed a RMB 5 billion agreement for the first phase of its industrial park focusing on auto parts production.
On January 30, 2022, BYD committed RMB 20 billion for the second phase, transforming it into a vehicle manufacturing base, the report read.
By October 2022, the first phase was operational, reaching full design capacity by December 2023.
In March, China’s Ministry of Industry and Information Technology approved BYD’s relocation of its Pingshan factory in Shenzhen to the Shen-Shan Special Cooperation Zone.
According to information from the Shenzhen municipal government on June 14, BYD’s new energy vehicles (NEVs) produced at the industrial park are conveniently located just a five-minute drive from Xiaomo Port.
BYD, China’s largest NEV manufacturer, recorded sales of 1.612 million NEVs in the first half of the year, marking a 28.46% increase compared to the previous year.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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