Wanxiang approved to build electric buses in Hangzhou
Chinese chassis component supplier Wanxiang Group Corp. has received governmental approval to build electric buses in the east China city of Hangzhou.
The go-ahead is to produce 5,000 electric buses a year at a plant to be built next to its factory in Hangzhou, according to the National Development and Reform Commission, China's central economic planning agency.
Wanxiang plans to invest 2 billion yuan ($304 million) in the plant. Construction must begin within two years, the commission said in a statement posted on its website.
Further details about the project are unavailable.
In 2014, Wanxiang purchased the assets of bankrupt U.S. sports car maker Fisker Automotive Holdings Inc. The company plans to revive production of the Fisker Karma plug-in hybrid sports car in a plant to be built in Southern California.
In 2012, Wanxiang also bought U.S. battery manufacturer A123 Systems.
Wanxiang Chairman Lu Guanqiu has told the press that he plans to build electric vehicles in the United States, and later in China.
Wanxiang plans to invest 2 billion yuan ($304 million) in the plant. Construction must begin within two years, the commission said in a statement posted on its website.
Further details about the project are unavailable.
In 2014, Wanxiang purchased the assets of bankrupt U.S. sports car maker Fisker Automotive Holdings Inc. The company plans to revive production of the Fisker Karma plug-in hybrid sports car in a plant to be built in Southern California.
In 2012, Wanxiang also bought U.S. battery manufacturer A123 Systems.
Wanxiang Chairman Lu Guanqiu has told the press that he plans to build electric vehicles in the United States, and later in China.
