New energy company BYD has announced the opening of what it bills as the world’s largest battery manufacturing plant. The plant is located in the western province of Qinghai.
The facility has commenced manufacturing batteries, but the entire facility will not be fully completed until the end of 2019.
The plant is designed to keep up with the demands of a company that has become the world leader in battery powered cars.
The new plant has a capacity of 24 GWh, as BYD aims to increase its total manufacturing capacity to 60 GWh by 2020.
This is BYD’s third battery factory in China, with factories already in Shenzhen and Huizhou.
“Electrification is a done deal as several countries have announced a deadline for the sale of internal combustion engine cars to end. Electric vehicles are on the cusp of another boom,” said BYD President and Chairman Wang Chuanfu.
BYD and Berkshire Hathaway
In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million has grown in value almost ten-fold, and is now worth roughly $1.96 billion.
For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.
© 2018 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.