China-based BYD took a step forward to build an automobile industrial park in Guangdong. The Shenzhen government announced on May 15 that the EV maker obtained an over-520,000-square-meter plot with CNY376 million (US$5.4 million), the fifth it has gotten in recent years.
According to Shenzhen Special Zone Daily, the plot in the Shenzhen-Shanwei Special Cooperation Zone has been designated for the new energy industry. BYD will receive a 30-year use term to build its industrial park. It plans to invest CNY25 billion in the first and second phases of the project.
The first two phases of the project are expected to create an output value of more than CNY110 billion every year when reaching full production. Shenzhen Special Zone Daily reported that BYD has acquired five plots in the special zone since October 2021, accumulating over 4.1 million square meters of land for the automobile industrial park.
According to CnEVPost, the Shenzhen-Shanwei Special Cooperation Zone is located in the Shanwei City but is governed by the Shenzhen government. The special zone has been developed with a focus on the new energy vehicle industry. It also aims to foster the development of energy storage systems, next-generation materials and intelligent manufacturing robots.
Wang Chuanfu, BYD's chairman and CEO, has said the EV company targets to become the largest automotive company by sales in China this year. It has been expanding its production and R&D capabilities.
Shenzhen Evening News reported last week that BYD recently acquired a plot in the east part of Shenzhen, planning to establish a global R&D center and advanced production base with its battery subsidiary, FinDreams Industry.
The report said the companies will finish construction and commission the facilities within five years.