Today, according to the news released at the Shandong Province Key Equipment Manufacturing Project Promotion Meeting, 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, planning to build a research and development and manufacturing base covering the entire industrial chain of new energy commercial vehicle batteries, motors, electric controls, 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 of the project is put into production, the additional income is expected to be about 40 billion yuan.

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