Chinese automobile-maker BYD's five bases in Shandong achieved a total output value of over 40 billion yuan ($5.56 billion) in 2023, said Xu Lei, general manager in Shandong province of BYD Group.

Xu also said that the total output value of the bases is expected to reach 50 billion yuan in 2024, with the Jinan base aiming to produce over 300,000 units.

Reflecting on their investments in Shandong, Xu said that BYD's first vehicle was launched in Jinan in 2005, and BYD officially invested in Jinan in 2021. Xu was involved in the entire process, from negotiations to project implementation, and became extremely fond of Jinan. Currently, BYD has passenger vehicle and component industrial bases, battery production bases, and semiconductor production bases in Jinan.

Regarding future development in Shandong, Xu said that BYD will continue to promote the research, development, production of new energy vehicles, including core components and energy storage products.

The BYD new energy passenger vehicle and component industrial park in Jinan is expected to produce 300,000 vehicles annually, as well as core components such as motors, electronic controls, and powertrains, with an expected annual output value exceeding 40 billion yuan and over 30,000 employees.

In 2023, the Jinan base produced 240,000 vehicles, achieving an output value of 27.65 billion yuan. It is projected that in 2024, it will produce over 300,000 vehicles, with an output value of 33 billion yuan.

"Our goal this year is to achieve an output value of at least 50 billion yuan in Shandong. We will introduce some export models at our production base in the start-up area this year, hoping to contribute to Shandong's exports," Xu added.

A BYD factory in Jinan Start-up Area for Growth Drivers Transformation. [Photo/Jinan Daily]