The Jiangyan district of Taizhou city – located in East China's Jiangsu province – held a signing ceremony on May 8, in its bid to form a strategic cooperation accord with Guangzhou-based company Fevoauto to expand its auto manufacturing industry.
Jiangyan district and Guangzhou-based Fevoauto sign up to join forces on May 8. [Photo/WeChat ID: jyrmzf]
Established in March 2021, Fevoauto focuses on the research and development, manufacturing, sales and servicing of intelligent new energy vehicles – as well as the construction and operation of charging stations.
The new manufacturing plant will be divided into two phases. Costing 3 billion yuan ($433.32 million), the first phase includes four workshops and auxiliary facilities and is projected to cover an area of about 400 mu (26.67 hectares).
Phase one is scheduled to start construction at the end of year and start operating in 2025, with an annual production capacity of 50,000 units of vehicles.
Phase two will see annual output expanded to 150,000 units annually. Fevoauto will also build an R&D center, as well as an intelligent new energy high-tech joint laboratory in Jiangyan district.
Moving forwards, plans are in motion for Jiangyan to attract more upstream and downstream companies, in order to form a complete auto industrial supply chain and boost its high-quality development.