BYD is building a battery factory for its own electric cars at a total cost of $1.2 billion.
New factory in central China; Image: Nikkei Asia
BYD will build a new factory to produce batteries for its own electric vehicles. In total, the project will cost $1.2 billion, environmental impact assessment filings by the company to the local government of Zhengzhou in Henan Province show.
The factory is expected to have the capacity to produce 40 gigawatt-hours of the company's proprietary "blade batteries" per year. The batteries, consisting of lithium, iron and phosphate, are safer than alternatives on the market and will not catch fire, the company said.
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