The company has also stridden into the monorail business by developing its SkyRail system. The 2-billion yuan project, which started in the beginning of 2017, plans to go into operation in the first quarter of 2018.

Li Yi, Party secretary of the Xi’an Hi-tech Zone, said that the agreement shows BYD’s recognition of the investment environment and future prospect of new energy vehicles in Shaanxi and he also pledged to provide quality services for the project.

BYD is a private enterprise in China that was founded in 1995. It primarily engages in the fields of IT, automobiles, new energy industries and cell phones. The company has complete in-house design, R & D and production teams.