HANGZHOU, Zhejiang – The 5,000-unit new energy bus project of Wangxiang Group has been approved by the Development and Reform Commission of Zhejiang Province, according to an announcement of the Commission on January 15.
The Beitang road plant of Wanxiang Group located in Hangzhou will be updated to fulfill the R&D and test requirements and produce electric vehicles in small amount. The company will establish welding, coating, assembly and chassis workshops, an R&D building, and test tracks in the Jianshe No. 1 road plant and equip the plant with production and R&D equipment.
Total investment of the project was ¥2.06 billion ($316 million) including ¥1.75 billion in new investment and ¥305.59 million original fixed asset investment.