Saturday, July 13, 2024

BYD plans to invest $4.2 billion in a power battery base as well as a mining project in Yichun

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BYD is still continuing its expansion to meet the huge demand for electric vehicles.

China’s largest new energy vehicle (NEV) manufacturer and second largest electric battery maker recently signed a strategic cooperation framework agreement with the Yichun municipal government in Jiangxi province to invest $4.2 billion in the construction of an electric vehicle battery base and mining project in the city. , according to a release from the local government.

The battery base to be built in Yichun city will have an annual capacity of 30 GWh. Meanwhile, mining projects are targeted to be able to produce 100,000 tons of lithium carbonate every year.

Apart from BYD, their competitors such as CATL, and Gotion High-tech have set up production facilities in Yichun.

CATL is China’s largest electric vehicle battery manufacturer, with a capacity of 11.41 GWh in July. CATL in China has a 47.19 percent share, according to data released earlier this month by the China Automotive Battery Innovation Alliance.

BYD came in second with a share of 25.23 percent, or 6.10 GWh of installed capacity in July.

Third place was CALB with a 6.07 percent share, or 1.47 GWh installed in July, and Gotion High-tech was fourth with a 4.70 percent share, or 1.14 GWh installed.

CATL to supply BMW with EVs cylindrical battery cells from 2025

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