FAW unit to invest 350 million yuan in EV project
Tianjin FAW Xiali Automobile Co., a small-car subsidiary of China FAW Group Co., plans to invest 350 million yuan ($53 million) to develop electric vehicles.
The EV will be built on the platform of FAW Xiali's Vizi small car, according to FAW.
In March, the company will launch construction of an EV assembly plant, which will be completed in June 2012. The new plant also will produce key components such as battery management systems and electric motors.
Further details about the EV have yet to be released.
Powered by a 1.3-liter engine, Vizi's gasoline model is 3,760mm long, 1,680mm wide and 1,530mm tall with a wheelbase of 2,450mm. It sells for 47,000 to 56,000 yuan.
Located in north China's port city of Tianjin, FAW Xiali produces small cars under its Xiali and Wizi brands.
In January, the company sold 37,500 vehicles, up 19.3 percent year-on-year. The sales figure includes 29,300 Xiali cars and 8,200 Wizi cars.
