Shanghai (ZXZC)- On Sept. 14, BYD celebrated the ground-breaking for a new project at one of its industrial parks in Shenzhen city, Guangdong province, according to a local media outlet, as part of efforts to strengthen the supply chain for its new energy vehicle ("NEV") production.

The new project is the second phase of BYD's industrial park in Shenshan Special Cooperation Zone. It involves a planned total investment of 20 billion yuan ($2.872 billion) and covers a planned area of 3.79 million square meters.

Photo credit: BYD

Upon completion of the construction, the facility will work as a supportive core parts manufacturing base to BYD Auto's NEV production. It is scheduled to start operation by the end of July next year and is expected to generate an annual production value of around 100 billion yuan ($14.36 billion).

The Shenshan park is the fourth industrial park BYD launched in Shenzhen city. In August 2021, the Shenshan Special Cooperation Zone management committee signed a strategic cooperation agreement with BYD Auto Industry Co., Ltd., which planned to invest 5 billion yuan ($718 million) in building the first phase of the industrial park.

On January 30, 2022, BYD inked another agreement to pour an additional 20 billion yuan in the construction of the Shenshan industrial park’s second phase.