BYD’s FinDreams Battery completes production line installation at Shaoxing plant

Shanghai (Gasgoo)- On June 14, FinDreams Battery, a battery manufacturer wholly-owned by BYD, saw its manufacturing plant in Shaoxing city, Zhejiang province complete installation and tooling for production lines, according to a post on Shaoxing government's official WeChat account.

Located in Shengzhou, a county-level city administered by Shaoxing, the new battery manufacturing base covers an area of around 1,800mu (1.2 million square meters) with about 13 billion yuan ($1.934 billion) to be invested. Upon its completion, the factory is anticipated to output a production value of over 20 billion yuan ($2.975 billion) per year.

Photo credit: Shaoxing government's WeChat account

According to Wang Chuanfu, chairman and president of BYD, the Shaoxing battery base plays an important role in FinDreams Battery's layouts in the Yangtze River Delta. It took the company only eight months to fulfill the production line installation after the ground-breaking.

The project will be carried out in two phases. Involving an investment of 7 billion yuan ($1.041 billion), the first phase targets an annual production capacity of 15GWh Blade batteries to be used in BYD's DM-i models. It is expected to deliver a yearly production value of 10 billion yuan ($1.488 billion) and offer nearly 10,000 jobs.

According to data by the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA), BYD recorded a power battery installed capacity of 18.77GWh in China for the first five months of the year, accounting for 22.58% of the country's total volume.