Recently, it is reported that FAW Fudi New Energy Technology Co., Ltd. has been established, which is a joint venture between BYD and FAW Group, with both sides accounting for 51% and 49% of the shares, and the registered capital is 1 billion yuan. The business scope includes: the development, production, sales of power batteries and battery systems, as well as the provision of related after-sales and technical consulting services.
It is understood that BYD's Fudi Industrial Co., Ltd. will subscribe 510 million yuan, AND FAW Equity Investment (Tianjin) Co., Ltd. will subscribe 490 million yuan, and the equity penetration shows that the company is jointly held by BYD's wholly-owned subsidiary, Fordi Industrial Co., Ltd., and FAW Equity Investment (Tianjin) Co., Ltd., a wholly-owned subsidiary of China FAW Group Co., Ltd.
The plant will be built in three phases, and finally achieve an annual production capacity of 45GWh of power batteries, matching the scale of more than one million vehicles.
According to the announcement released by BYD not long ago, BYD's cumulative sales in 2021 were 603,800 units, an increase of 218% over 2020, of which the sales of new energy vehicles were 584,000 units, an increase of 221.3% year-on-year.
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