By Greg Gao

(JW Insights) Apr 6 -- Chinese EV titan BYD and heavy machinery manufacturer Xuzhou Construction Machinery Group(XCMG徐工集团) jointly set up a battery company on March 29, according to Tianyancha, a provider of Chinese corporation data and due diligence platform.

The new company, Xuzhou Xugong Fudi Battery Technology(徐州徐工弗迪电池科技), has a registered capital of RMB1 billion($145 million), and the business scope includes battery manufacturing, battery sales, and EV waste power batteries recycling and cascade utilization.

Fudi Battery, a wholly-owned subsidiary of BYD, and XCMG jointly hold the company.

The local government in Xuzhou, eastern China’s Jiangsu Province, signed a strategic cooperation agreement with China’s top EV maker BYD on November 8, 2022, to promote the battery industry in Xuzhou. XCMG, a heavy machinery conglomerate in Xuzhou, also signed a joint venture agreement with Fudi Battery, according to a local media outlet.