China FAW and Fudi invested in the establishment of a new company, including power battery development.

On January 15, FAW Fudi New Energy Technology Co., Ltd. was established with Wu Ruijia as its legal representative with a registered capital of 1 billion yuan. the scope of business includes: the development, production and sales of power batteries and battery systems, as well as the provision of relevant after-sales and technical consulting services.

Tianyancha equity penetration shows that the company is jointly owned by Fudi Industrial Co., Ltd., a wholly-owned subsidiary of BYD, and FAW Equity Investment (Tianjin) Co., Ltd., a wholly-owned subsidiary of China first Automobile Group Co., Ltd.

Among them, Fudi Industrial Co., Ltd. holds 51%, FAW Equity Investment (Tianjin) Co., Ltd. holds 49%.

In recent years, FAW has cooperated frequently with the domestic industrial chain. At the end of December 2021, FAW of China joined hands with Huawei to build a new generation of leading IPv6 network to accelerate the digital transformation. Subsequently, the New Energy Development Institute of China first Automobile Co., Ltd. joined hands with Junsheng New Energy Research Institute of Junsheng Electronics to build a "Joint Lab of Battery Management system and Power Electronics" to focus on the field of electronic control of new energy vehicles, build a strategic alliance between the two sides, and lead the development of automobile intelligence electrification in the domestic new energy vehicle industry ecosystem.