Automobile Company to Invest in Building a Factory for New Energy Vehicles
The Guangzhou Automobile Group Motor is planning to invest around 2 billion yuan in a factory in China that will only build green new energy vehicles. As Chinese carmakers rushing to fill the market with new energy vehicles consisting of hybrids, electric cars and fuel cell vehicles. And to meet the fuel economy standards that is getting strict every year until 2020 as part of the government’s effort in tackling the pollution problem in many urban areas.
The new factory in Guangzhou will have an annual production of 100,000 vehicles and is scheduled to be finished in 2018. Even if the timetable might be sped up depending on the sales of the sales of the company’s new energy models. Liang Weibiao the deputy general manager who oversees sales and other department of the company didn’t elaborate where the factory will be located. He said that a lot of places are asking them to build in their place, while some are offering to purchase large quantity of their products in order to lure them to build at their location.
Guangzhou Automobile Group Motor is planning to sell 3,000 new energy vehicles for this year and aims to sell 10,000 by 2016 and only to produce as much as there will be a demand. As of the moment the company is selling hybrids and range extended electric vehicles of its GA5 sedan and a hybrid version of its GS4 SUV that is said to hit the market next year.