EV startup to build 5 billion yuan plant in Changzhou
Chehejia Information Technology Co., a Beijing-based startup, has broken ground for an electric vehicle assembly plant in the eastern China city of Changzhou.
With investment of 5 billion yuan ($753 million), the factory is due to start production before the end of 2017. The plant will have capacity to build 200,000 EVs, according to the Changzhou city government.
In the second phase, the plant's annual production capacity will increase to 300,000 vehicles.
The factory's first two products will be an electric microcar similar in size to the Smart followed by a compact electric family car. Further information about the two vehicles has yet to be released.
Chehejia is backed by Li Xiang, founder of auto information website autohome.
It is the latest EV startup with financial backing from Internet companies in China. Major Internet companies such as Tencent Holdings, LeEco and Bitauto Holdings have established ventures to enter China's fast-growing EV market.
With investment of 5 billion yuan ($753 million), the factory is due to start production before the end of 2017. The plant will have capacity to build 200,000 EVs, according to the Changzhou city government.
In the second phase, the plant's annual production capacity will increase to 300,000 vehicles.
The factory's first two products will be an electric microcar similar in size to the Smart followed by a compact electric family car. Further information about the two vehicles has yet to be released.
Chehejia is backed by Li Xiang, founder of auto information website autohome.
It is the latest EV startup with financial backing from Internet companies in China. Major Internet companies such as Tencent Holdings, LeEco and Bitauto Holdings have established ventures to enter China's fast-growing EV market.
