Warren Buffettsupported Chinese EV manufacturer BYD Co Ltd BYDDF BYDDY plans to build a new factory for its batteries in China.
What happened: The the world’s largest manufacturer of electric vehicles plans to invest $1.2 billion to build batteries in the Asian nation, Reuters reported, citing environmental reports submitted.
Chinese EV manufacturer’s battery unit, FinDreams technologyIs the construction of a plant with a capacity of 40 gigawatt hours per year from his blade battery at Henan Zhengzhou City.
See also: Tesla delivers first batch of Model Y and Model 3 vehicles in Thailand
The Zhengzhou government released environmental documents on the website on Friday, asking for public feedback on the project.
BYD did not immediately respond gasoline gas Request for comments.
BYD’s Blade battery is a less bulky lithium iron phosphate (LFP) battery that the company’s CEO says is safer than other alternatives on the market Wang Chuanfu.
The battery is also less prone to fire and powers BYD’s best-selling battery Battery electric cars like the Han and Seal sedans that compete with Tesla model 3 vehicles in China.
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