Chinese battery giant BYD is reportedly set to start operations at a new CNY4 billion ($636 million) lithium-ion battery production plant in northwestern China this June.
The first of three production lines expected to start rolling at the plant in Xining, Qinghai Province, will have an annual production capacity of 10GWh, according to China’s state Xinhua News Agency.
The first phase of the project aims to produce lithium iron phosphate and ternary batteries, Xinhua said
The project comes hot on the heels of a partnership BYD formed last year with two other Chinese companies for lithium battery materials production— the Qinghai Salt Lake BYD Resources Development company.
Total investment in the materials production enterprise amounted to CNY4.8bn, including plans for a new facility with an annual output of 30,000 tonnes of lithium carbonate.
Qinghai accounts for 80% of China’s lithium resources and the province’s salt lake contains more than 60% of the world’s lithium reserves, according to Xinhua.
