BYD has announced ambitious plans to extend its battery manufacturing capacity by a further 30 Gwh with a new facility in Xi’an, Shanxi Province. The investment is likely to cost around USD 1.74bn. This comes on the back of an announcement in August that the company will invest in a 20 Gwh factory in Chongqing City at a cost of USD 1.4bn.

US Electric Vehicle hopeful Lucid Motors received a major boost to its prospects with the announcement from the Saudi Public Investment Fund (PIF) that it will provide USD 1bn in financing to the company.

The first Chinese EV start-up to attempt public listing on the New York Stock Exchange has failed in its bid to raise USD1.8bn, raising USD1bn, this will likely slow down its expansion plans including the development of its next vehicle.