The Wenzhou government holds an online signing ceremony with Shenzhen-based auto giant BYD on a factory for batteries and core parts for new energy vehicles on Nov 23. [Photo/66wz.com]
The Wenzhou government held an online signing ceremony with Shenzhen-based auto giant BYD on a factory for batteries and core parts for new energy vehicles on Nov 23, local media outlets reported.
The factory, which will be located in Yongjia county, is expected to manufacture batteries with a combined power generation capacity of 20 gigawatt hours per year. The batteries will take advantage of high-potential technologies.
High hopes have been placed on the batteries to lead the high-standard development of the new energy industry and facilitate the industrial transformation of batteries, automotive electronics, and auto and motorcycle parts in Wenzhou.
The first production line is scheduled to be put into operation in 2024.
Wenzhou and BYD reached intent to cooperate on the factory during a visit led by officials from the eastern Chinese city to Shenzhen in June.
BYD said it will strive to bring more innovative and green development to Wenzhou, help the city build a new energy vehicle industrial cluster valued at over 100 billion yuan ($14 billion), and work with Wenzhou in the transformation and upgrading of China's automobile industry.