BYD, FAW, Establish Joint Venture with Registered Capital of $157 Million
According to Chinese enterprise data platform Qichacha, FAW Fudi New Energy Technology Co., Ltd. was established on January 15th with a registered capital of 1 billion yuan ($157 million). The enterprise is a newly established joint venture between auto makers BYD and FAW.
The JV is owned by Fudi Industrial Co., Ltd., a wholly-owned subsidiary of BYD, and FAW Equity Investment (Tianjin) Co., Ltd., a wholly-owned subsidiary of FAW Group. They hold 51% and 49% of the JV’s shares respectively.
FAW Fudi is mainly engaged in the manufacture of new energy batteries, modules and other core components for smartphones. Its factory will be built in three phases to achieve an annual power battery capacity of 45GWh, which will supply safe and long-lasting blade batteries for over 1 million vehicles.
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FAW was one of BYD’s earliest customers. In June last year, FAW’s auto brand Hongqi announced that its pure electric medium-sized car, E-QM5, will be officially launched and will be equipped with a ferrous lithium phosphate blade battery provided by BYD. In July last year, the Changchun Municipal Government, FAW and BYD signed cooperation agreements for a new energy power battery project.
