The industrial park in Xiangyang, Hubei province, is expected to see all 16 production lines come online by May 2023, which will meet the demand for 600,000 vehicles by then.

Next, BYD Xiangyang industrial park will advance construction at a rate of one production line completed every 15 days, with all 16 production lines expected to be in operation by May 2023, according to the report.

The site will have a capacity of 30 GWh to meet the demand for 600,000 vehicles, the report said, adding that its output could reach more than RMB 14 billion ($2 billion) and provide more than 10,000 jobs.

BYD currently has about 20 power battery production sites in China, according to a research note by local brokerage Founder Securities earlier this year.

BYD's battery production capacity was 135 GWh by the end of 2021 and is expected to reach 285 GWh by the end of this year and possibly 445 GWh next year, according to the brokerage.

BYD's power battery installed base in China in November was 8.94 GWh, ranking second with a 26.09 percent share, according to China Automotive Battery Innovation Alliance (CABIA) data from earlier this month.

CATL continued to be the largest power battery manufacturer in China with a 50.64 percent share of the total installed base of 17.35 GWh in November.