BYD Co., the Chinese electric-vehicle maker backed by Warren Buffett, signed an investment deal of $1.2 billion with the municipal government of Fuzhou, China’s Jiangxi province to build a new EV power battery base.
On December 31, 2021, Fuzhou Fudi Battery Co., Ltd. (“Fuzhou Fudi” for short) was formally established with a registered capital of $7.8 million, and BYD will build EV power battery project in Fuzhou High-tech Zone.
According to shareholder information, the company is wholly-owned by BYD Aut Industry Co., Ltd., and its legal representative is He Zhiqi.
The company is registered in Fuzhou High-tech Industrial Development Zone, Fuzhou City, Jiangxi Province. The business scope includes battery manufacturing and sales, graphite and carbon products sales, electronic special materials research and development, manufacturing, graphite and carbon products manufacturing, NEV waste power battery recycling and echelon utilization, resource recycling technology research and development, etc.
This information is displayed on China’s enterprise query app which named Qichacha.
Fuzhou as important manufacturing base for BYD for battery production
The above cooperation is based on the agreement reached in Guangdong-Hong Kong-Macao Greater Bay Area Investment Cooperation Promotion Conference. This is not the first time that BYD and Fuzhou have cooperated. It is following BYD Fuzhou NEV industrial park, parts industrial park, BYD once again invested in new projects in Fuzhou.
This is BYD’s second battery manufacturing company established in December 2021. Prior to this, on December 3, 2021, Chuzhou Fudi Battery Co., Ltd. (referred to as “Chuzhou Fudi”) was formally established.
BYD has build power battery bases in many places since 2020, to cope with the rapidly increasing demand for blade batteries and dm-i (BYD’s super hybrid system).
Earlier, in August 2021, BYD set up four battery companies , namely: Wuwei Fudi (annual capacity of 10GWh), established on August 3; Yancheng Fudi (annual capacity of 30GWh), established on August 6; Jinan Fudi (annual capacity of 30GWh), established on August 24; Shaoxing Fudi (capacity undetermined), established on August 26.
