Page 12 - AsiaElec Week 08 2023

AsiaElec BATTERIES AsiaElec

Chinese battery industry gets

major financial boost

CHINA LEADING Chinese electric vehicle (EV) man- units sold last year alone.
ufacturer, BYD, standing for ‘Build Your Dreams’, In comparison, Elon Musk’s Tesla sold over half
has committed to building a $1.2bn battery plant a million fewer vehicles worldwide.
in the northern Chinese city of Zhengzhou. The Blade Battery to be produced at the new
Already the owner and operator of over 30 facility is sold by BYD as a more compact lithi-
industrial parks across six continents, the Xi’an- um-iron-phosphate (LFP) battery compared to
based firm announced the expansion of its EV others on sale around the world, with BYD chair-
battery building capabilities just weeks after saying man having made headlines previously by claim-
it anticipated a FY2022 net profit five times higher ing this battery will not ignite unlike some of its
than the previous year. competitors.
The new factory will in the main be producing The Chinese EV maker has been pushing hard The Chinese
BYD’s Blade Battery, according to reports, after in recent years to establish a global footprint,
environmental documents related to the con- with immediate goals being the establishment of maker has been
struction were made public by the local Henan large-scale battery distribution infrastructure in
Province regional government earlier in the the US. pushing hard
month. And with EVs becoming increasingly popular
When complete, the facility which will be oper- at the expense of some of the world’s long-stand- in recent years
ated under the BYD battery unit, FinDreams Tech- ing big-name automakers, the firm is looking to establish a
nology, which will have the capacity to manufacture to one day move past Japanese rival Toyota on
up to 40 GW hours of batteries, sources say. the sales ranking according to media reports in global footprint.
BYD is already the world’s biggest EV maker and China.
the best-selling maker of EVs throughout its home To achieve this goal BYD is already on the right
market of China thanks to the hugely popular Han road, having established a solid presence in major
and Seal model sedans. European nations including Germany and the UK,
The firm is also the world’s biggest EV battery Costa Rica, Mexico and Brazil in Central and South
and plug-in hybrid model seller, with over 1.86mn America, and even Japan™

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