JAC Volkswagen Automotive Co., Ltd.started the project of a new battery electrical vehicle(BEV) on June 29th. Meanwhile, 593 provincial projects kicked off, with a total investment of RMB434.32 billion, accounting for 60% of manufacturing projects.
BEV Plans to Go Public Next January
On June 1st, under the joint witness of the Prime Ministers of China and Germany, Volkswagen Group(Volkswagen) and JAC Automobile formally signed an agreement to set up a joint venture with each part holding 50% share.
With a total investment of RMB5.06 billion, JAC and Volkswagen have started with a 25-year term for this joint venture. After the construction of new workshops, research centers and facilities, the joint venture company is expected to produce 100 thousand BEVs annually.
As the first joint venture vehicle, BEV will go public next January. The new project is the “Project One” of provincial manufacturing industries.
Provincial Key Projects Kick Off
Meanwhile, with a total total investment of RMB434.2 billion, Anhui province started 593 key projects. 346 Manufacturing projects account for 60% of all projects. Anhui plans to invest more than RMB100 billion. Every projects will be invested with 200 million annually.(by Jiang Xueting)