Shanghai (ZXZC)- BYD Company Limited and FAW Group recently founded a joint venture dedicated to power battery-related business.

BYD blade battery; photo credit: BYD

According to the corporate database Tianyancha, the new venture, dubbed FAW Fudi New Energy Technology Co.,Ltd. (called "FAW Fudi" for short), was incorporated on Jan. 15, 2022 in Changchun, where FAW Group is headquartered and involves a registered capital of 1 billion yuan ($157.674 million). It is 51% held by Fudi Industry Co.,Ltd., which is a wholly-owned subsidiary of BYD Company Limited, and 49% controlled by FAW Equity Investment (Tianjin) Co.,Ltd., whose sole shareholder is FAW Group.

FAW Fudi features a business scope covering the development, production, and sales of power batteries, power battery systems, energy storage batteries and energy storage systems, the offering of relevant after-sales and technology consulting services, as well as the recycling and cascade utilization of batteries.

On July 14, BYD struck a pact with Changchun municipal government and FAW Group to co-invest in a NEV power battery production project.

The BYD-FAW joint venture will build a factory with a designed manufacturing capacity of 45GWh power batteries per year, according to a project planning unveiled by a local media outlet. Once the assembly facilities become fully operational, the factory will be able to provide BYD’s blade batteries for 1 million NEVs annually.