PUTIAN, Fujian – Yudo New Energy Vehicle Group Co., Ltd., a startup dedicated to the manufacturing of pure electric passenger vehicles, has received the production license from the National Development and Reform Commission (NDRC).
NDRC approved the company’s project to produce 65,000 units of pure electric passenger vehicles in Fujian on February 7.
Yudo now is the 10th EV producer with production license from NDRC after BAIC BJEV, Changjiang EV, CH-Auto Technology, Chery New Energy, Min’an Auto, Wanxiang Group, JMEV, Chongqing Jinkang New Energy Vehicle Co., Ltd. and National New Energy Vehicle Co., Ltd.
According to NDRC information, Yudo’s pure electric vehicle project is located in No. 729, Lihan Road, Shixicun, Jiangkou Town, Hanjiang District, Putian, Fujian Province. Total investment of the project is ¥1.88552 billion ($274 million) including ¥1.53861 billion for construction, ¥29.42 million for interest during construction as well as ¥317.49 million for working capital. A sum of ¥1.02467 billion is raised by Yudo itself and ¥860.85 million is from bank loans.
The project will build production, office and auxiliary facilities including stamping workshop, welding workshop, painting workshop, assembly workshop, trial manufacture workshop and power station and relevant product crafts equipment.
With total investment of ¥2 billion, Yudo was jointly founded on December 4, 2015 in Fujian by Fujian Motor, Putian State-owned Assets Investment Co., Ltd., natural person and HYM.