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(Yicai Global) June 4 -- China's leading new energy car maker BYD will build its seventh battery plant in the southern Chinese city of Guangzhou, according to the Xinhua News Agency.
This CNY4 billion (USD579 million) facility will focus on research and development, production and manufacturing of lithium polymer batteries for electric devices such as mobile phones, laptops and computers.
It will realize an annual output of CNY13 billion of products when it enters operation in 2020. Construction will start in late June.
So far, BYD has five battery plants in operation in Huizhou, Shenzhen, Changsha in Hunan province, Xining in Qinghai and Chongqing. It also broke ground on plants in Changsha last week and Chongqing in February. The firm also plans another one in Xi'an, Shanxi province.
BYD's battery division has become independent and works closely with other original equipment manufacturers to cope with increasing pressure from rivals like CATL. BYD plans to list its battery business by 2020, Wang Chuanfu, the Shenzhen-based firm's founder, said previously.