Shanghai (ZXZC)- BYD inked a strategic cooperation agreement with Changzhou municipal government on April 25 to build a new energy passenger vehicle (PV) and core auto parts industrial park in Changzhou, Jiangsu Province.

The industrial park, located at Changzhou National Hi-Tech District, will involve a planned investment of RMB10 billion. After the program completes, it is expected to have an annual capacity of 400,000 vehicles and output a total value of over RMB50 billion per year.

The Changzhou base is designed to manufacture 10 models of BYD's “Dynasty” and “e” product series with segments ranging from mini-sized to large-sized vehicles. Besides, BYD also plans to establish a R&D center in this city.

The automaker maker so far has vehicle plants in Shenzhen, Xi’an and Changsha. Along with the yet-to-be Changzhou base, BYD's will form a PV manufacturing deployment across the east, south, northwest and middle parts of China. 

BYD's current yearly PV capacity has exceeded 800,000 units with its utilization rate continuously climbing, the automaker revealed at the 2018 annual results introduction meeting on April 10. Last year, BYD sold a total of 520,687 vehicles, among which the new energy PV full-year sales reached 247,811 units.