Shanghai (ZXZC)- Chinese leading new energy vehicle (NEV) manufacturer BYD recently signed agreements with local governments of Baoji and Xuzhou cities to strengthen its deployment of auto parts and power batteries.

On Nov. 9, BYD entered into a strategic cooperation agreement with the municipal government of Baoji city, Shaanxi province for an NEV auto parts manufacturing project, according to a local media channel, Baoji Daily.

Under the agreement, BYD will build an NEV component manufacturing base in Fufeng county, Baoji city, of which the first phase will have production lines for such auto parts as vehicle wiring harnesses, dampers, sunroofs, seat covers, and power batteries.

BYD Company Limited, Xuzhou municipal government signing agreement; photo credit: Xuzhou Fabu

In addition, BYD Company Limited forged a strategic partnership with the municipal government of Xuzhou city, Jiangsu province on Nov. 8, while its power battery subsidiary, FinDreams Battery, inked an agreement with Xuzhou Construction Machinery Group Co., Ltd. ("XCMG"), a Xuzhou-based state-owned heavy machinery manufacturer, for a joint-venture project. Through the cooperation, BYD plans to build a new power battery plant in Xuzhou Economic & Technological development Zone.

According to BYD's latest monthly sales results, the company sold 1,397,870 NEVs through the first ten months of 2022, representing a 233.92% year-on-year hike.

The NEV sales surge also came with a rapid growth in power battery demands. For the first ten months of this year, BYD's installed capacity of NEV power battery and energy storage battery amounted to roughly 67.681GWh, soaring from 27.99GWh for the same span in 2021.