Chinese electric vehicle manufacturer BYD plans to proceed with the fourth phase of its industrial park in the Shenzhen-Shanwei Cooperation Zone, aiming to enhance its production capabilities, the Shenzhen municipal government announced on Tuesday.
Once fully operational, the third and fourth phases of the facility are projected to generate an annual output exceeding 200 billion yuan ($27.63 billion), the Shenzhen government stated in a post on its official WeChat account.
The announcement follows a significant milestone for BYD earlier this week, as the company celebrated the production of its 10 millionth new energy vehicle (NEV). “This marks a historic moment for BYD,” the company said, underscoring its rapid growth since its inception in 1995.
BYD, which started with just 20 employees, has evolved into one of China’s largest car manufacturers, boasting a workforce of over 900,000, including nearly 110,000 research and development staff.
In October, BYD reported sales of 502,657 NEVs, surpassing the 500,000 monthly sales mark for the first time and achieving a fifth consecutive month of record highs. From January to October, the company’s NEV sales reached 3.25 million units, representing a 36.49% increase year-on-year.
