Changan steps closer to its strategic layout
- Source: Global Times
- [15:27 November 23 2010]
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Grand Chinese automaker Chongqing Changan Automobile Co. announced in a stock exchange filing Tuesday that it plans to invest 4.33 billion yuan ($651.51 million) in the construction of a production plant in Beijing.
The project is expected to start operation in June, 2012, with a preset annual production capacity of 200,000 cars.
The new plant will be used to assemble new energy vehicles and produce sedans and street SUVs.
The automaker announced earlier this month that it had received regulatory approval to raise as much as 4 billion yuan via a new share offering.
Changan's chairman of the board Xu Liuping had told the Chinese media earlier that the company would produce 6 million vehicles annually by 2020.
