On Monday, the government of Xiangyang City, located in Hubei Province, signed a strategic cooperation agreement with Chinese EV maker BYD. The latter will further increase its investment in the province and further strengthen its work in the fields of new energy vehicles.
As one of the provinces with the most complete automobile industry chain in China, Hubei has vigorously promoted the transformation and upgrading of the automobile industry. Now, the province wants to build the largest new energy vehicle production base in China.
According to the agreement, BYD will accelerate the construction of the Xiangyang BYD Industrial Park which includes power battery production, a zero-carbon park, new energy vehicle parts production and other facilities. It will be built in three phases and the first phase will total 10 billion yuan ($1.6 billion).
“In just two years, Hubei has overcome many difficulties caused by the pandemic. BYD has great confidence in investing in Hubei,” said Wang Chuanfu, Chairman of BYD.