Chinese company BYD Semiconductor has achieved a significant milestone by completing the first phase of its research and manufacturing project for power devices and sensor-control devices in Shaoxing, Zhejiang province. The initiative, with a total investment of RMB 10 billion ($1.4 billion), spans 417 mu (278,000 square meters) of land and aims to enhance the production capacity of key components for new energy vehicles (NEVs).
The project, initiated by BYD in August 2022, progressed as planned, and the first phase was accomplished within the specified timeframe. The entire project is anticipated to be fully completed in 42 months. The comprehensive investment will facilitate an annual production capacity of 720,000 power device products and 6 billion sets of optical microelectronic products, generating an annual output value of RMB 15 billion upon project completion.
BYD Semiconductor, established in October 2004 with BYD holding a direct 72.3 percent stake, focuses on advancing semiconductor technology. The company was slated for a separate listing on the ChiNext stock market, China’s equivalent to Nasdaq, following approval by BYD’s shareholders’ meeting in June 2021. However, in a surprising move in November 2022, BYD announced the termination of its spin-off plan for the semiconductor division, citing a future intention to resume the spin-off and listing when favorable conditions arise.
