CHONGQING – BAIC Yinxiang Automobile Co., Ltd. started its output capacity expansion project at Hechuang Industrial Park in Chongqing on June 28.
Chongqing Bisu Automobile Co., Ltd., located in Hehcuang Industrial Park, also began its production capacity expansion project at the same day.
Taking a total area of 760,000 square meters, the two projects have an investment of ¥2.8 billion ($431 million). As planned, annual vehicle output capacity of BAIC Yinxing will be expanded to 550,000 units, and Chongqing Bisu 250,000 units. At present, the number stands at 300,000 units and 150,000 units respectively. The two projects are expected to be in operation by the end of 2017.
Besides its traditional vehicle project, BAIC Yinxiang also started its “3e” NEV project, which designs to produce annually 100,000 sets of lithium batteries, electric engines and vehicle electric control systems at Hechuang Industrial Park. The “3e” NEV project will take a land area of 140,000 square meters with an investment of ¥800 million.
When finished, the three projects are expected to create a total ¥42.6 billion annual output value, ¥1.55 billion on tax revenue and 12,500 jobs. Hechuang Industrial Park is also expected to be built into a ¥10 billion NEV industry base in Chongqing.
The first quarter of this year saw Hechuang district’s total industrial output value reaching ¥30.6 billion, a 23.5 percent year by year increase. The number is expected to exceed ¥300 billion by 2020.