The project will have an annual capacity of 720,000 power device products and 6 billion optical microelectronic products when completed.

(Image credit: CnEVPost)

BYD Semiconductor completed the first phase of a power device and sensor-control device research and manufacturing project in Shaoxing, Zhejiang province in eastern China, the city's government said in an announcement today.

The project, with a total investment of RMB 10 billion yuan ($1.4 billion), covers 417 mu (278,000 square meters) of land.

The project will have an annual production capacity of 720,000 power device products and 6 billion sets of optical microelectronic products, and will realize an annual output value of RMB 15 billion, after completion of all construction.

The first phase of the project will be used to develop and produce power devices and sensing and control devices, both of which are core components for new energy vehicles (NEVs), the announcement said, without disclosing the capacity of the first phase.

BYD's construction of the project began in August 2022, with the first phase completed within the originally planned timeframe, and the entire project will be fully completed in 42 months' time, according to the announcement.

BYD Semiconductor was founded in October 2004, with BYD directly holding a 72.3 percent stake. BYD founder Wang Chuanfu indirectly controls BYD Semiconductor through BYD.

In June 2021, BYD's shareholders' meeting approved a plan to spin off BYD Semiconductor and list it on the ChiNext stock market, China's Nasdaq-style board for growth enterprises.

In January 2022, BYD Semiconductor's application for listing on ChiNext was approved by the Shenzhen Stock Exchange.

However, in November 2022, BYD unexpectedly announced that it would terminate its plan to spin off its semiconductor division and list it separately, saying it would start the spin-off and listing of the business again at an opportune time when conditions are ripe.

($1 = RMB 7.1258)

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