Jianghuai Automobile Co. (JAC) on Monday signed an agreement with the municipal government of Hefei, capital of East China's Anhui province.
Under the agreement, the homegrown auto maker will pour up to 12.55 billion yuan ($2.06 billion) into its Hefei projects, including a light truck plant, a joint venture for heavy trucks and engines, and new-energy production facilities, by 2017. These new projects are expected to generate sales revenue of 35.75 billion yuan.
By 2020, the JAC will sell 1 million vehicles for some 100 billion yuan and its Hefei plants will register 200 billion yuan in industrial output, the agreement said.
Between 2011 and 2013, the Hefei plants' combined industrial output reached 240 billion yuan, value-added output 28.5 billion yuan and taxes 9.7 billion yuan. In 2013 alone, the figures were 79 billion, 11 billion and 3.7 billion, respectively.
The corporation saw sales volume hit 519,700 million units last year, ranking among the nation's top ten as usual. The full-year business revenue rose 12.02 percent year-on-year to reach 39.02 billion yuan.
The JAC Hefei plants, which employ nearly 70,000, have a combined capacity of 800,000 vehicles and 500,000 engines every year.
(By Zheng Weiling)