The latest addition to Chinese EV maker BYD’s vehicle manufacturing operations will be officially opened at the Fuzhou Industrial Park on April 15th, local media outlet Kuaikeji reported on Friday. The plant will mark the fifth of such plants in China.
Fuzhou BYD Industrial Co., Ltd. was established in September 2021 with a registered capital of 50 million yuan ($7.86 million) and is wholly owned by BYD.
The new energy vehicle industrial park has a total investment of 15 billion yuan, covering an area of about 2 million square meters, with an annual output plan of 200,000 vehicles. Moreover, BYD announced in December last year that it would invest 8 billion yuan to build a new energy vehicle power battery project in Fuzhou’s High-tech Zone.
In 2021, BYD sold 604,783 new energy vehicles, a year-on-year increase of 218.3%. In 2021, its cumulative output of new energy vehicles was 607,119 units, up 219.76% year-on-year. BYD, which has stopped production of fossil-fuel vehicles, expects sales to be 1.5 million units in 2022. If supply chain issues improve, the company will be able to achieve its sales target of 2 million vehicles.
The minutes of a BYD investor meeting recently showed that the cumulative undelivered orders of the company have reached 400,000 vehicles, and are increasing every month. The Fuzhou Industrial Park will be able to alleviate some of the difficulty the company is having in meeting demand.
After abandoning the fossil-fuel vehicle business, BYD’s recent development in the pure electric and plug-in hybrid powertrain vehicle business is the launch of the ATTO 3 in Macau, which is equipped with BYD’s e-platform 3.0 and blade battery.