XINING, China/TOKYO -- Chinese carmaker BYD is spending about $3 billion to nearly quadruple its capacity to produce electric car batteries by 2020, in an effort to catch up with leader Contemporary Amperex Technology, or CATL.
"New-energy vehicles are an important strategic industry for China, and batteries form their heart," BYD Chairman Wang Chuanfu said on Wednesday at the opening of the company's new 10 billion yuan ($1.51 billion) battery factory in Xining, part of the western province of Qinghai.
