Shanghai (ZXZC)- On Dec. 17, BYD signed an investment deal with the municipal government of Fuzhou, China's Jiangxi province to build a new EV power battery base.

BYD Blade Battery; photo credit: BYD

Per the agreement, BYD will pour 8 billion yuan ($1.254 billion) in an EV power battery manufacturing project with an annual capacity of 15GWh at Fuzhou Hi-tech Industrial Development Zone.

The move came after BYD announced the investment in building NEV and auto parts industrial parks in this city.

BYD has set up a subsidiary to support the business operations in Fuzhou. According to the business information search platform Tianyancha, Fuzhou BYD Industry Co.,Ltd., was set up in Sept. 2021 as a wholly-owned subsidiary of BYD Auto Industry Company Limited.

Fudi Industry Co.,Ltd., the battery business unit of BYD Company Limited, built six wholly-owned subsidiaries this year, situated in Chongqing, Wuwei, Yancheng, Jinan, Shaoxing, and Chuzhou, according to Tianyancha. The subsidiary in Chongqing principally focuses on the R&D of battery technologies, while the other five were mainly founded to manage battery manufacturing business.

According to a local media outlet, the Fudi subsidiaries in Wuwei, Yancheng, and Jinan target 10GWh, 30GWh, and 30GWh of annual battery capacity respectively, while the first phase of the Chuzhou Fudi battery base features a design capacity of 5GWh. The capacity of Shaoxing base still remains unknown.