China’s new energy vehicle manufacturer BYD has settled the location for its new battery gigafactory in Guangzhou, anticipating to begin operations in 2020, said Xinhua.
The gigafactory will focus on the research and development, production and manufacturing of lithium polymer batteries for electric devices such as mobile phones, laptops and computers, according to BYD.
The new factory, with a total investment of RMB 4 billion ($57.9 million), will realize an annual output of RMB 13 billion. Construction on the project will begin in late June, said BYD.
The company broke ground on its new battery factory for electric vehicles in southwest China’s Chongqing in February. The power battery factory under construction is expected to become a major battery production base for new energy vehicles in the country. The Chinese electric vehicle company is investing RMB 10 billion ($1.49 billion) in the facility.