BYD to Build New EV Plant in China

May 06, 2019 at 1:54 PM

Chinese electric vehicle maker BYD Co. is investing 10 billion yuan ($1.5 billion) to construct a fourth EV manufacturing facility in Changzhou, China.

The plant will have an annual capacity of 400,000 units, which will be allocated among as many as 10 models. No time frame was given for completing the plant or launching production.

BYD also is upgrading its existing EV plants in Changsha, Shenzhen and Xi'an. The company also plans to eventually add a research and development center in Changzhou.

BYD sold 250,000 EVs last year in China, accounting for about one-fifth of China’s total domestic sales of such vehicles. The carmaker posted double-digit gains despite a 6% drop in overall demand for new passenger vehicles in China last year.