BYD and FAW Group have established a joint venture with a registered capital of RMB 1 billion, with a 51 percent and 49 percent stake, respectively.

BYD and FAW Group have set up a joint venture with a registered capital of RMB 1 billion, with 51 percent and 49 percent of the shares respectively, according to data provider Tianyancha.

The company is called FAW FinDreams New Energy Technology Co with FAW executive Li Hongjian as chairman and BYD's battery subsidiary FinDreams Battery chairman He Long as vice-chairman.

The company's business scope includes the development, production and sales of power batteries and battery systems, the development, production and sales of energy storage batteries and energy storage systems, and battery recycling.

BYD will build a strategic base for new energy vehicle power batteries with FAW in northeast China, local auto media Xchuxing said today, citing a cooperation agreement between the two.

The plant will be built in three phases using Industry 4.0 standards. It will have an annual production capacity of 45 GWh of power batteries when it reaches full production and will supply blade batteries for more than 1 million vehicles, according to the report.

It is worth noting that in July last year, Changchun city government of Jilin province, FAW and BYD signed an investment cooperation agreement for a new energy power battery project.

Before that, China FAW's Hongqi E-QM5 was already equipped with BYD's blade batteries.

(Image credit: FAW)