Shenzhen-based BYD, which aims to sell 800,000 vehicles next year, will build the plant in China's Shaanxi province, a report in the South China Morning Post said, citing the Shaanxi Provincial Development and Reform Commission website.
The plant will have capacity to produce a total of 5,000 megawatts of batteries, the report said.
The company is likely to use the credit to invest in new areas, such as solar energy and new energy vehicles, Frank He, an analyst with BOCI Research in Hong Kong, said at the time. [ID:nPEK209770]
BYD's F3 sedan was the best-selling car in China in the first 11 months of 2009, leading other popular domestic and foreign models....MORE