BYD JV's lithium battery program investment totals RMB 4.85 billion

Shanghai (Gasgoo)- On December 26, BYD announced that its joint venture (JV) with Qinghai Salt Lake Industry Co.,Ltd. (QingHai Salt Lake) will start the program to produce 30,000 tons of lithium carbonate. Recently, the program has obtained the filing record from Qinghai Economic and Information Commission. The total investment of this program reached RMB 4.85 billion (about 740 million dollars).

Last year, BYD, QingHai Salt Lake and investment firm Shenzhen Zuoyucheng announced to set up a joint venture named Qinghai Salt Lake BYD Resources Development Co. to exploit, produce and sell the salt lake resource products. The registered capital of the JV totaled RMB 500 million, among which BYD has 49 percent stake, Qinghai Salt Lake 49.5 and the rest belongs to the investment firm.

BYD said at that time that the cooperation with the upstream firms of lithium resources will help the company to implement its strategy in new energy industry. The establishment of the joint venture will integrate BYD’s advantages in technology, management and sales network, especially in lithium power battery, with the salt lake resources to achieve a win-win cooperation.