Shanghai (ZXZC)- On Feb. 18, BYD broke ground on its new energy vehicle (NEV)-related core parts industrial park in Changzhou city, Jiangsu province, indicating the automaker's enhanced deployment in the vertical supply chain for its NEV production, according to a post on the WeChat account “Changzhou Fabu”.

Photo credit: Changzhou Fabu

Involving a total investment of around 10 billion yuan ($1.456 billion), the new industrial park will focus on producing such core parts as smart power assemblies and transmission systems with an annual production capacity of 300,000 sets.

At its Changzhou car plant, BYD produced roughly 180,000 NEVs last year.

Notably, the NEV manufacturer saw its 3 millionth NEV roll off the production line at the Changzhou car factory on Nov. 16, 2022.

Changzhou city recorded an annual production value of 306.7 billion yuan ($44.651 billion) last year for its NEV and auto parts industrial clusters, representing a year-on-year leap of 68.1%.

Local government of Changzhou city has set a plan under which the city’s full-year production value of NEV and auto parts industrial clusters is expected to surpass 700 billion yuan ($101.91 billion) by 2025.

There are a bunch of NEV manufacturers and core parts suppliers deploying businesses in Changzhou city. For instance, Li Auto’s Changzhou manufacturing base is responsible for the volume production of the three models, namely, the Li L9, L8, and L7. Both CALB and SVOLT, the two main power battery makers in China, have built production factories in the city.