Jinan BYD Auto Co, a subsidiary of BYD Auto, recently acquired 156.2 hectares of industrial land in the Jinan Start-up Area for Growth Drivers Transformation with a transaction price of 820.3 million yuan ($113.8 million), local media reported.

This land will be used for the construction of the company's Phase III project.

Prior to this acquisition, the company had invested approximately 15 billion yuan in the construction of its Phase I and Phase II projects that cover about 241.53 hectares.

In addition to its presence in the start-up area, BYD also has its Phase I and Phase II power battery projects spanning 76.67 hectares in the Jinan Innovation Zone. The company's presence in the zone currently spans more than 466.67 hectares.

The significant investment made by BYD in Jinan highlights the company's confidence in the city's potential.

Jinan boasts a favorable geographic position as it is connected to the Beijing-Tianjin-Hebei region in the north and the Yangtze River Delta in the south. This makes Jinan an ideal location for the development of the new energy vehicle industry.

Furthermore, as a major city in the Yellow River Basin, Jinan is committed to promoting the development of new energy and new materials industries as part of its efforts to transform its economic structure.

The city has long aspired to become a hub for the new energy vehicle industry. In fact, Jinan has formulated a long-term plan to support the high-quality development and widespread application of new energy vehicles until 2025.

With its strategic location, strong government support and ambitious development plans, Jinan has become an increasingly attractive destination for investment in the new energy vehicle industry. BYD's continued investment in the city underscores its belief in Jinan's potential as a key player in the development of the new energy vehicle industry.