Baoneng broke ground on a New Energy Vehicle industrial park in Huangpu, Guangzhou, in late December. The company has announced a total investment of 30 billion RMB in this project, which will create a production capacity of 500,000 vehicles per year along with the establishment of ancillary/component industries, R&D and logistics centers over an area of 0.66 sq km.
In Zhejiang, Baoneng already has an agreement with the Hangzhou Fuyang District government for another New Energy Vehicle project with an investment outlay of 14 billion RMB. This will be a production base for 300,000 vehicles per annum with attendant industries spread over a 2 sq km site.
Not content with this, in November, Baoneng signed a "strategic cooperation framework agreement" with the Kunming government for a number of different projects, including one for a 500,000 vehicles-per-year New Energy Vehicle facility. This one, however, is only at the proposal stage now.
(It is possible though that when the above industrial parks are completed, these might be leased partially to other car manufacturers for their NEV programs.)
After bagging Qoros, Baoneng is looking for a sizable stake in Changhe-Suzuki, and an official announcement is expected soon as Chinese authorities have recently okayed an equity reorganization plan for the ailing JV.
Unlike other new EV startups who go around the world raising capital, Baoneng is itself a finance, insurance, and real estate behemoth, so corralling the funds is not an immediate problem.
http://autonews.gasgoo.com/70012598.html
http://autonews.gasgoo.com/70011044.html
http://www.nbdpress.com/articles/2017-12-14/3634.html
In Zhejiang, Baoneng already has an agreement with the Hangzhou Fuyang District government for another New Energy Vehicle project with an investment outlay of 14 billion RMB. This will be a production base for 300,000 vehicles per annum with attendant industries spread over a 2 sq km site.
Not content with this, in November, Baoneng signed a "strategic cooperation framework agreement" with the Kunming government for a number of different projects, including one for a 500,000 vehicles-per-year New Energy Vehicle facility. This one, however, is only at the proposal stage now.
(It is possible though that when the above industrial parks are completed, these might be leased partially to other car manufacturers for their NEV programs.)
After bagging Qoros, Baoneng is looking for a sizable stake in Changhe-Suzuki, and an official announcement is expected soon as Chinese authorities have recently okayed an equity reorganization plan for the ailing JV.
Unlike other new EV startups who go around the world raising capital, Baoneng is itself a finance, insurance, and real estate behemoth, so corralling the funds is not an immediate problem.
http://autonews.gasgoo.com/70012598.html
http://autonews.gasgoo.com/70011044.html
http://www.nbdpress.com/articles/2017-12-14/3634.html