By Li Panpan

(JW Insights) Feb 21 -- Chinese EV giant BYD will invest RMB10 billion ($1.46 billion) in Changzhou, eastern China’s Jiangsu Province, to produce key parts for new energy cars, said the company at a groundbreaking ceremony on February 18.

The project will have an expected annual production of 300,000 sets of high-end intelligent key parts such as smart powertrains and transmission systems.

BYD started its car manufacturing in Changzhou last year, and the factory progressed rapidly, producing now 180,000 new energy vehicles, including its Yuan PLUS, Seal, and other models. The factory created jobs for more than 10,000 people.