HANGZHOU, Zhejiang – Wanxiang Group will invest over ¥2.5 billion ($385 million) to establish an electric vehicle plant in Hangzhou, Zhejiang Province, according to a report by gasgoo.com
The new plant will be located in the Xiaoshan Economic and Technological Development Zone in Hangzhou. It will produce Karma and Atlantic series extended range and pure electric passenger vehicles. Annual output capacity of the plant will be 50,000 units, and the first four models to be produced in the plant are Karma (EREV), Karma (EV), Atlantic (EREV) and Atlantic (EV).
Wanxiang Group embarked on the development of EVs and key parts in 1999 through the acquisition of A123 Systematic Company and Karma Automotive in the U.S. Boasted state-of-the-art technologies and unique products covering the whole industrial chain, Wanxiang has established a comprehensive key supporting components system.