Shanghai (ZXZC)- On February 2, FAW FinDreams New Energy Technology Co., Ltd. ("FAW FinDreams"), a joint venture between FAW Group and BYD Company Limited, officially started production for the first phase of its new energy power battery project in Changchun, Jilin Province.

BYD Blade Battery; photo credit: FAW FinDreams

Situated in the Changchun Automobile Economic and Technological Development Zone, this project represents the inaugural strategic base for new energy vehicle power batteries in the northeastern region of China.

Established on January 15, 2022, FAW FinDreams covers a total area of 370,000 square meters with a floor area of 340,000 square meters.

The company's overarching plan entails a total production capacity of 45 GWh per year, with the initial phase targeting 15 GWh. Utilizing BYD's blade battery technology and incorporating a design emphasizing module-free high integration, the project addresses three key challenges in power batteries: safety, high endurance, and long lifespan. The initial batch of products will be integrated into the new all-electric vehicles under the Hongqi brand.

It is noteworthy that Hongqi brand achieved record-breaking sales last year, with retail sales surpassing 370,000 units in 2023, marking a 29.5% year-on-year growth and the sixth year in a row to achieve a year-on-year growth in annual sales.

Of the vehicles Hongqi retailed in 2023, over 85,000 units were new energy vehicles, exhibiting a remarkable 135% year-on-year increase.