Shanghai (ZXZC)- On Feb. 26, FAW Fudi New Energy Technology Co., Ltd (FAW Fudi), a joint venture between FAW Group and BYD, broke ground on a power battery manufacturing base in Changchun city, Jilin province, according to a post on FAW Group's WeChat account.

Executives of FAW, BYD, officials of governments of Changchun city and Jilin province celebrating ground-breaking for FAW Fudi battery base; photo credit: FAW Group

Involving a total investment of 13.5 billion yuan ($2.137 billion), the Changchun-based power battery project is designed to satisfy the battery demands for 600,000 electric vehicles annually and output a yearly production value of over 20 billion yuan ($3.166 billion).

Han Jun, Governor of Jilin Province, said this is another significant project in Changchun International Auto City following the FAW-Audi premium electric vehicle project. The operation of FAW-Fudi facility will contribute to the transition and upgrade of Jilin province's automotive industry and help Changchun build a world-class automobile city.

Incorporated in January 2022, FAW Fudi is 49% held by FAW Equity Investment (Tianjin) Co., Ltd. and 51% controlled by Fudi Industry Co., Ltd., the power battery unit wholly owned by BYD Company Limited.

The joint venture is dedicated to manufacturing battery cells, modules and relevant core parts for new energy vehicles (NEVs). Its plant in Changchun is scheduled to be constructed in three phases, aiming to be capable of outputting 45GWh power batteries annually.