News has been released at the Shandong Key Equipment Manufacturing Project Promotion Meeting that the strategic cooperation between Weichai and BYD has made new progress. The joint venture Weichai (Yantai) New Energy Power Industry Park Project has officially started construction, aiming to build a research and manufacturing base covering the whole industrial chain of new energy commercial vehicle batteries, motors, controllers and electric drive assemblies. The project covers an area of about 1700 mu, with a total fixed asset investment of 17 billion yuan, divided into three phases. After the first phase is completed, the additional income is expected to be about 40 billion yuan.

It is reported that the project consists of two parts: one is the strategic cooperation between Weichai and BYD to build a power battery research and manufacturing base, which will have an annual production capacity of 50GWh batteries after completion; the other is Weichai's construction of a new energy vehicle other core components manufacturing base, which will have an annual production capacity of 500,000 flat wire motors, 400,000 controllers and 50,000 electric drive assemblies after completion.