BYD's global R&D center and energy storage industrial park project starts construction

Visitors and press take photos of a car of BYD, China's new energy vehicle (NEV) manufacturer, at the Chengdu Motor Show 2022 in Chengdu, capital of southwest China's Sichuan Province, Aug. 26, 2022. (Xinhua/Shen Bohan)

China's carmaker BYD started its global R&D center and energy storage industrial park project construction in Longgang District, south China's Shenzhen City on Thursday.

Integrating administrative office, R&D, living facilities and other functions, BYD's global R&D center is designed to build itself with global influence. The project plans to invest 20 billion yuan, and it is expected to create around 60,000 new R&D jobs after completion.

The BYD's energy storage industrial park project will attract a total investment of 2 billion yuan. After completion and operation, the annual output value is expected to be about 20 billion yuan.