Business
An 800 million yuan ($131 million) agreement on establishing a new energy electric automobile company was signed in Tianjin Binhai New Area, North China.
According to the agreement, the newly established automobile enterprise will launch the first phase of the project next year and is expected to reach an annual capacity of 3,000 electric vehicles.
In addition, the second phase project will achieve a production of 15,000 electric vehicles. Around 500 million yuan and 300 million yuan will be invested in the first and second phase projects respectively.
The agreement was signed by Hongfengtai, a car modification company in Tianjin and Beijing's Dongfangcaixing capital management company.
Hongfengtai is one of the two enterprises in Tianjin which are capable of producing electric vehicles. The company produces electric vans, garbage trucks, and vehicles for special uses.
