BYD, the Chinese company that recently overtook Tesla as the world’s largest electric vehicle (EV) builder, has begun expanding one of its production bases in Shenzhen as it strives to tap Chinese motorists’ growing penchant for battery-powered cars, reports the South China Morning Post. The second phase of construction at its industrial estate in Shen-Shan Special Cooperation Zone will cost RMB 20 billion ($2.9 billion) and aims to generate annual sales of RMB 100 billion when it becomes operational in July, 2023.
The local authority was quick to grant approval, and construction is already under way, just a few short weeks after the carmaker bought the plot of land.
The rapid pace of approval reflects Shenzhen’s goal of accelerating the development of the special cooperation zone with high-quality growth, the municipal government said in a statement posted on its official WeChat account on Thursday.
You must log in to post a comment.