China’s BYD builds $2.8 billion global R&D center, filing says

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The facility is to be located about eight kilometers (five miles) north of its headquarters in the city’s Pingshan district, covering an area of 3.3 million square meters (35.6 million square feet). The disclosure was revealed a year after China’s top electric vehicle maker announced the construction of its global R&D center, which will cost RMB 20 billion ($2.8 billion) and house 60,000 engineers, the city government said in a statement last June. BYD has been ramping up its R&D efforts to beef up its technology offerings over recent years and has pledged to invest RMB 100 billion in vehicle automation technologies over the long term. Year-to-date sales of its passenger EVs, including all-electrics and plug-in hybrids, grew 29.4% year-on-year to 2.3 million units as of August. READ MORE: BYD begins building a $2.9 billion industrial facility in Shenzhen