BYD bets on Xi’an to reach annual output of 300,000 new energy vehicles

China’s largest electric carmaker BYD is making an ambitious plan to expand production at its base at the Xi’an Hi-tech Industries Development Zone.

According to an agreement signed on Jan 11, 2 billion yuan ($308.5 million) will be invested to further expand production capacity to achieve an annual output of more than 300,000 new energy passenger cars, with its turnover reaching 40 billion yuan.

Hu Heping, Party chief of Shaanxi province, attended the ceremony where Wang Yongkang, Xi'an municipal Party chief, and BYD Chairman and President Wang Chuanfu delivered speeches.

The vehicle giant has invested 17.2 billion yuan in Xi’an, gross industrial output value of 206.7 billion yuan, providing jobs to over 40,000 people by the end of 2017. Since settling in the Xi’an Hi-tech Zone in 2003, it has set up businesses in automobiles, IT, and rail transit.

As BYD’s biggest and most advanced production base, the Caotang Production Base has fully automatic production facilities and cutting-edge technologies, which will build Xi’an into the company’s key new energy vehicles production base.