The project has a total investment of RMB 13.5 billion ($2.14 billion) and is designed to have a total capacity of 45 GWh.

(BYD's blade battery. Image credit: FinDreams)

In July last year, the Changchun city government, FAW and BYD signed an investment cooperation agreement for the power battery project.

At the end of January, FinDreams and FAW established a joint venture with a registered capital of RMB 1 billion, with the two holding 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 He Long, chairman of BYD's battery subsidiary FinDreams, 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.

FAW FinDreams aims to build a strategic base for NEV power batteries in northeast China and accelerate the use of green technologies locally and nearby, according to a press release today.

In addition to being a NEV giant, BYD is the second-largest power battery supplier in China.

In 2021, the cumulative installed base of power batteries in China is 154.5 GWh, up 142.8 percent year-on-year, according to data released last month by the China Automotive Battery Innovation Alliance.

CATL, the supplier of Tesla and Nio, had 80.51 GWh of power batteries installed in China in 2021, capturing 52.1 percent of the market.

BYD's power battery installation in 2021 was 25.06 GWh, with a market share of 16.2 percent, ranking second.