Hongqi E-QM5. Credit: FAW Understand China EV’s Market Real-time notifications when critical EV data is released All important data in one place 2,000,000+ data points Become a member The FAW-FinDreams new energy power battery project has officially entered the stable mass-production phase, according to a report by Jilin TV on August 15. Batteries produced at this facility are currently powering new energy vehicles from brands including Hongqi and Audi. Zhang Hongjun, Executive Deputy General Manager of FAW FinDreams New Energy Technology Co., Ltd., revealed in an interview that the company is pushing the integration of BYD‘s second-generation Blade Battery. The venture has successfully secured a nomination for the core project of Hongqi’s next-generation pure electric platform. Consequently, Hongqi is set to become the first brand within FAW Group to feature BYD’s Blade Battery 2.0 technology. Until now, the second-generation Blade Battery and Megawatt Fast Charging technology have been exclusive to BYD’s own vehicle lineup. This move marks the first time BYD is opening these two technologies to an external brand. The FAW-FinDreams project is a joint venture between FAW Group and BYD, representing a total investment of 180 billion yuan (26.5 billion USD). The facility is planned in three phases with a total capacity of 45 GWh, with each phase contributing 15 GWh. The first phase, involving an investment of 70 billion yuan (10.3 billion USD), commenced production in February 2024. Currently, the second phase of the project is accelerating through the contract signing and groundbreaking stages. Once all three phases are fully operational, the plant will be capable of supplying Blade Batteries for nearly 600,000 vehicles annually, with an estimated annual output value of 200 billion yuan (29.4 billion USD). As China’s first passenger car manufacturer, FAW Group has faced challenges in its transition to new energy amid the gradual shrinkage of the internal combustion engine market. To pivot, FAW has adopted a diversified partnership strategy. In addition to its joint ventures with BYD and CATL for battery production, this strategy is evident in the Hongqi E-QM5, which utilises batteries from both CATL and BYD, with battery-swap versions available for both types. FAW has also invested in Leapmotor. FAW’s Hongqi brand is perhaps the most democratic car brand in the world – it produces both the vehicles used by China’s head of state and the taxis seen all over the streets. Xi Jinping, the Chinese head of state on a Hongqi limousine. Credit: Hinews Most important news in your inbox. Recaps · scheduled All you need, in one email. Instant alerts · real-time Ping me when an article goes live. 0 of 27 topics selected Bundle into one email per day — instead of one email per article No spam · Unsubscribe with one click · Change settings anytime