A technological innovation center worth 1.5 billion yuan ($217 million) is to be established in Beijing Economic-Technological Development Zone (E-town), according to a Mar 13 report in an E-town newsletter.

Some 650 million yuan has been put into the innovation center project.

The innovation center, wholly invested by BAIC BJEV, a subsidiary of Beijing Automotive Group Co, will cover an area of more than 40,000 square meters. Striving to become one of the leading innovation centers globally, the center will concentrate on developing demonstration bases for new energy automobiles, smart transportation systems and the internet of things (IoT).

BAIC BJEV has long been engaged in R&D and innovation, with 1.1 billion yuan spent to boost innovation, out of which 524 million yuan was invested during 2016, year-on-year growth of 72.9 percent.

The company is expected to spend double the amount of money on innovation this year, with the figure expected to hit 1.31 billion yuan.