SHANGHAI -- BYD, the world's largest maker of electrified vehicles, plans to invest $1.2 billion to build a new factory for its batteries in China, according to environmental appraisal filings.
FinDreams Technology, the Chinese company's battery unit is aiming to build a facility with the capacity to produce 40 gigawatt hours per year of its Blade Battery.
BYD's Blade Battery is a less bulky lithium-iron-phosphate (LFP) battery that its Chairman Wang Chuanfu has said is safer than other alternatives in the market and will not catch fire.
It has been powering BYD's best-selling battery electric cars such as the Han and Seal sedans that compete with Tesla's Model 3 in China.
The factory is planned in the city of Zhengzhou in Henan province, according to environmental filings published on the Zhengzhou government website on Friday seeking public feedback on the project.
A company spokesperson could not immediately comment on the matter when contacted by Reuters.
The South China Morning Post earlier reported BYD's Zhengzhou battery plant.
