On September 7, BYD's FinDreams Battery signed a cooperation agreement with Changsha Fusheng Technology to jointly develop automotive-grade blade battery systems for industrial and mining rail locomotives. FinDreams will be responsible for R&D and manufacturing support, while Fusheng will handle system integration. The agreement did not disclose the amount, supply volume, locomotive specifications, or commercialization timetable. Earlier, on September 5, FinDreams Battery also signed an agreement with Zero Carbon Engine Technology to explore projects including Mongolian electric mining trucks. From January to July 2026, BYD's domestic power battery installations reached 72GWh, an 18% share, down 13% year on year; CATL stood at 186GWh, 46%, in the same period.
On September 7, BYD's FinDreams Battery and Changsha Fusheng Technology signed a cooperation agreement at BYD's headquarters in Pingshan, Shenzhen. The two parties will jointly develop Blade Battery systems for industrial and mining rail locomotives. According to the announcement, the agreement did not disclose the amount, battery supply volume, locomotive specifications, or commercialization timetable.
Division of Responsibilities and Application Scenarios
Under the agreement, FinDreams Battery will be responsible for battery R&D and manufacturing support, while Changsha Fusheng Technology will be responsible for system integration and application development, completing integration based on its accumulated experience in battery management systems and electronic control technology. The announcement also specified that the new Blade Battery used in rail vehicles must meet automotive-grade requirements.
From the application side, the two parties are targeting locomotives operating in industrial plants, mines, and railway yards, covering operations such as shunting and on-site transportation. Changsha Fusheng Technology's business direction is to provide integrated energy systems for equipment operating in defined areas. Its role in this cooperation is to match the Blade Battery with the control systems required for industrial rail operations.
It should be noted that the announcement did not explain the agreement amount, supply scale, locomotive technical parameters, or the timeline for putting them into commercial operation. Therefore, the actual short-term impact of this cooperation on FinDreams Battery's shipments cannot yet be quantified.
Second Non-Road Agreement Within a Week
Rail locomotives are a new scenario for FinDreams Battery. Just on September 5, FinDreams Battery signed a similar agreement with Zero Carbon Engine Technology Group. The two parties plan to explore Mongolia-related projects, including electric mining trucks. The two agreements were signed two days apart, both pointing to power battery applications in the non-road transportation sector.
By comparison, heavy commercial vehicles are not unfamiliar to BYD. In June 2026, BYD delivered 100 T31 electric dump trucks to a Shenzhen construction and transportation company, each equipped with a 424 kWh Blade Battery. Its Q3 electric tractor also uses the Blade Battery and was displayed alongside the T31 at an event held in Hunan in April. BYD received an order for 150 new energy heavy trucks at that event. According to public information, the Q3 electric tractor will be launched at the IAA show in Germany later this year.
Domestic Installation Share Declines Year-on-Year
Looking at the overall power battery market, BYD ranks second in China. From January to July 2026, BYD's domestic power battery installations were 72 GWh, with an 18% market share, down 13% year-on-year.
In the same period, CATL's domestic installations were 186 GWh, with a 46% market share, up 22% year-on-year.
Beyond the installation landscape, vehicle customers' choices regarding battery supply structures are also changing. Li Auto was CATL's fourth-largest power battery customer in April and is now shifting to batteries designed in-house and manufactured by Sunwoda, and announced a related investment of 2.65 billion yuan; earlier, Xpeng had also turned to other battery suppliers. This series of moves shows that a battery supplier's scale advantage does not necessarily translate into customer stickiness.
Expansion Intent and Variables to Watch
Putting the above two clues side by side, we can see FinDreams Battery's current dual situation: on one hand, its domestic power battery installation share has declined year-on-year, and competition intensity in the passenger vehicle battery market has not weakened; on the other hand, it already has actual delivery cases in the heavy truck sector, and the Blade Battery has a certain engineering foundation under commercial vehicle operating conditions.
Industrial and mining rail locomotives belong to non-road scenarios and differ significantly from passenger vehicles in certification cycles, operating intensity, and full lifecycle requirements. FinDreams Battery signed two agreements in two days targeting mining transportation and industrial rail, pointing directionally to incremental markets beyond passenger vehicles. However, because the agreements did not disclose supply volume, locomotive specifications, or commercialization timelines, whether such cooperation can translate into considerable installation scale still requires waiting for subsequent project implementation information. Observation points worth watching include: how automotive-grade requirements for industrial rail batteries are implemented, the pace of advancement of the Mongolia mining truck project, and market feedback after the Q3 electric tractor is launched in Europe.
