In addition to the rapid growth in new energy vehicle production, BYD is also accelerating its expansion in the power battery sector.

In August alone, the Warren Buffett-backed new energy vehicle company set up three battery companies, all wholly owned by its battery business unit FinDreams, in a clear move to expand battery capacity.

Jinan FinDreams Battery Co. was established on Tuesday with legal representative He Long and registered capital of RMB 50 million ($7.72 million), information from data provider Qichacha showed.

The company's business scope includes battery manufacturing and sales, new material technology research and development, electronic special materials manufacturing and electronic special materials research and development.

Previously, BYD had set up 2 battery companies in Anhui Province and Jiangsu Province.

On August 3, Wuwei FinDreams Battery Co was established, with legal representative He Long and registered capital of RMB 50 million.

On August 6, Yancheng FinDreams Battery Co was established, with legal representative He Long and registered capital of RMB 50 million.

In April, several media reported that BYD would start selling power batteries to other companies in the second half of 2021.

Earlier this month, local Chinese media cls.cn cited people familiar with the matter as saying that BYD would supply "blade batteries" to Tesla in the second quarter of next year, and that Tesla models with "blade batteries" were already in the C-sample testing stage.

Later, Chinese technology website mydrivers.com quoted BYD insiders as saying the report was true and that the first model could be the Model Y.

However, ifeng.com reported on August 11 that BYD said it never told the media it would supply "blade batteries" to Tesla, nor did it say that the "blade batteries" would be used in the Model Y.

BYD's total installed capacity of new energy vehicle power batteries and energy storage batteries in July was about 3.001 GWh, and the total cumulative installed capacity from January to July was about 15.708 GWh, according to data released by the company.

(Photo source: BYD)