Shenzhen-based new energy car maker BYD will build its seventh battery plant in Guangzhou, according to the Xinhua News Agency. The RMB4 billion (USD579 million) facility will focus on research and development, production and manufacturing of lithium polymer batteries for electric devices such as mobile phones, laptops and computers.
It is aiming for an annual output of RMB13 billion once it launches in 2020. Construction will start in late June.
BYD’s battery division has become independent of the car-making parent and works closely with other original equipment manufacturers to cope with increasing pressure from rivals like CATL. BYD plans to list its battery business by 2020, Wang Chuanfu, the firm’s founder, said previously.