Chinese automaker to buy Indiana plant to produce EVs
Chinese automaker Sokon Industry Group Co. will pay $110 million (752 million yuan) to buy the assembly plant of U.S. military vehicle maker AM General to produce electric vehicles in Indiana.
Under the agreement signed last week, Sokon’s Silicon Valley-based subsidiary -- SF Motors -- will build EVs after retooling the factory.
Sokon will invest $30 million for retooling, and it will retain the plant’s 430 employees, according to AM General.
The company did not say when it plans to launch EV production.
Sokon has taken other steps to establish a U.S. presence. In Silicon Valley, the company has opened an r&d center to develop technology for electric powertrains and connected cars. It also has an engineering center near Ann Arbor, Mich.
Sokon, in the southwest China municipality of Chongqing and listed in Shanghai, builds SUVs and multipurpose vehicles. It also produces small gasoline engines for microvans.
Under the agreement signed last week, Sokon’s Silicon Valley-based subsidiary -- SF Motors -- will build EVs after retooling the factory.
Sokon will invest $30 million for retooling, and it will retain the plant’s 430 employees, according to AM General.
The company did not say when it plans to launch EV production.
Sokon has taken other steps to establish a U.S. presence. In Silicon Valley, the company has opened an r&d center to develop technology for electric powertrains and connected cars. It also has an engineering center near Ann Arbor, Mich.
Sokon, in the southwest China municipality of Chongqing and listed in Shanghai, builds SUVs and multipurpose vehicles. It also produces small gasoline engines for microvans.
