Guangzhou Automobile Group to invest $322 million in factory for new energy vehicles

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Guangzhou Automobile Group plans to invest 2 billion yuan ($322 million) in a factory in China that will exclusively build new energy vehicles (plug-ins, hybrids and FCVs). The new plant is scheduled to go online in 2018, and will have an annual production capacity of 100,000 vehicles.

The location of the new factory has not been announced. “Many places ardently want us to build there,” Vice General Manager Liang Weibiao told The Economic Times. “There are some that, in order to get us to build locally, make known that they are now thinking of buying a large quantity of our products.”

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Guangzhou expects to sell 3,000 new energy vehicles this year, and 10,000 in 2016, according to Liang. The company currently sells hybrid and plug-in hybrid versions of its GA5 sedan, with a hybrid version of the GS4 SUV to be launched next year.

 

Source: The Economic Times
Images: Navigator84 (CC BY-SA 3.0)