Shanghai (ZXZC)- BYD saw the construction of a new industrial park dedicated to NEV component production commence on Dec. 5 in Xi'an, the capital of Northwest China's Shaanxi province, according to a post on the WeChat account of Xi'an Hi-tech Industries Development Zone.

BYD breaking ground on NEV auto parts industrial park in Xi'an; photo credit: Xi'an Hi-tech Industries Development Zone

Involving a total investment of 15 billion yuan ($2.355 billion), the industrial park is scheduled to start operation in 2024. On the land of 2,890 mu (about 1.93 million square meters), production facilities for EV powertrain, electric motors, gearwheels, electric control units, brakes, power supplies and a precision machinery center will be built to output a production value of around 70 billion yuan ($10.988 billion) per year.

BYD is scoring blooming growth in NEV sales by virtue of the popularity of the models armed with Blade Battery, DM-i plug-in hybrid system, and other novel technologies. In November, its monthly NEV sales for the first time surpassed 90,000 units. Notably, the combined sales of the Qin and Song series, which are manufactured at BYD's Xi'an plant, amounted to 55,126 units.

According to local authority of Xi'an Hi-tech Industries Development Zone, BYD's Xi'an manufacturing base is expected to produce over 400,000 vehicles this year with a production value to be doubled to more than 70 billion yuan ($10.988 billion).