(CFP Photo)

Automaker BYD laid the foundation stone to build a battery plant with a total investment of 10 billion yuan at Xuzhou Economic and Technological Development Zone on January 4.

BYD signed the strategic cooperation agreement with Xuzhou in last November. FinDreams Battery, a battery manufacturer wholly-owned by BYD, will build the new plant over an area of 760 mu (50.67 hectares), which will have a production capacity of 15GWh in the first stage and achieve an annual revenue of 10 billion yuan when the project goes full operation.

FinDreams Battery boasts a complete research, development and production system, and currently has 20 production bases and 3 R&D centers in Shenzhen and other places.

The city has made machinery equipment its pillar industry and now pursues the integration of new energy in different products such as loaders and sanitation vehicles.