BYD founds Hefei-based subsidiary for sale of NEV, auto parts

Shanghai (Gasgoo)- BYD recently set up a Hefei-based subsidiary whose business scope includes the sale of new energy vehicles (NEVs).

According to the business information platform Qichacha, the new company, dubbed Hefei BYD Automobile Co.,Ltd. (Hefei BYD), was founded on July 12 and is located in Changfeng County, Hefei. Involving a registered capital of 1 billion yuan ($154.667 million), it is wholly controlled by BYD Auto Industry Company Limited.

Hefei BYD has a line of business including the sale of NEVs and NEV-related electrical accessories, the R&D of auto parts, the wholesale and retail of auto components.

Hefei, the capital of Anhui province, aims to lift its NEV capacity to 1 million units and generate an output value of NEV industry exceeding 100 billion yuan ($15.467 billion) by 2025, according to a document issued by Hefei municipal government in November 2020.

In addition, Hefei government will support such local automakers as JAC Motors, NIO, JAC Volkswagen, Ankai and Hefei Changan in stepping up the construction of NEV-related supply chain, innovating in business models like the separation of NEV and batteries, improving brands’ international competitiveness, and fostering industrial leading companies.

In last November, U.S. EV manufacturer Tesla also set up in Hefei a sales service company, which involves a registered capital of $1 million yuan and is wholly controlled by Tesla Motors HK Limited.