Shanghai (ZXZC)- A new BYD-backed battery research institute was founded on Jan. 4, according to the corporate data platform Tianyancha.

Dubbed Chongqing Fudi Battery Research Institute Co.,Ltd., the new company involves a registered capital of 100 million yuan ($15.467 million) and is 100% controlled by Fudi Industry Co.,Ltd., a wholly-owned subsidiary of BYD Company Limited. It has a line of businesses including the manufacturing and sale of batteries, graphite and carbon products, as well as the sale of new energy vehicle (NEV)-related components and smart power transmission and distribution facilities, according to Tianyancha.

Photo credit: BYD

Notably, its parent company, Fudi Industry Co.Ltd., was just established on Dec. 11, 2020. Its business scope extends to cover the import and export of goods and technologies, the production and sale of batteries as well as the development of AI-enabled application software. Some industry insiders said Fudi Industry was set up for exporting BYD's auto parts.

BYD announced in March the establishment of five subsidiaries under Fudi, in a bid to boost the sale of core parts related to new energy vehicles (NEVs) to other carmakers.

The five subsidiaries focus on different products and technologies. Registered in May 2019, Fudi Battery Co.,Ltd is the inheritance of BYD Lithium Battery which was born in 1998. According to a press release, the predecessor specializes in developing such products as consumable 3C batteries, power batteries and energy storage batteries, and works on their cascade utilization. As for the new materials and new technologies, it has also completed the R&D of many technical projects involving fields like IT, automobile, new energy and light rail transit.

The other four subsidiaries focus on batteries, visual technologies, automotive electronic and chassis products, power solutions, and auto modules respectively.