Warren Buffett-Backed BYD Eyes $1.2B Battery Plant In China

Warren Buffett-backed Chinese EV maker BYD Co Ltd BYDDF BYDDY is looking to build a new factory for its batteries in China. 

What Happened: The world’s largest maker of electrified vehicles plans to invest $1.2 billion to build batteries in the Asian nation, Reuters reported, citing environmental appraisal filings.

The Chinese EV maker’s battery unit, FinDreams Technology, is eyeing building a facility with the capacity to produce 40-gigawatt hours per year of its Blade Battery in Henan's Zhengzhou city.

See Also: Tesla Delivers First Batch Of Model Y, Model 3 Vehicles In Thailand

The Zhengzhou government published environmental filings on the website on Friday, seeking public feedback on the project.

BYD did not immediately respond to Benzinga’s request for comment.

BYD’s Blade Battery is a less bulky lithium-iron-phosphate (LFP) battery that is safer than other alternatives in the market, according to the company Chairman Wang Chuanfu. 

The battery is also less prone to catching fire and has been powering BYD’s best-selling battery electric cars, such as the Han and Seal sedans, which compete with Tesla’s Model 3 vehicles in China.

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