The Chinese owned joint venture Beijing WKW Automotive Parts wants to invest about 2.5 billion dollars (16 billion yuan) into a new energy car project. WKW plans to set up a production base in the port city of Qinhuangdao.
The plan is to produce around 300,000 vehicles annually, which will include both electric cars, as well as other new energy vehicles.
The Sino-German joint venture, owned by Beijing Zhonghuan Investment Management Co Ltd and the German WKW Erbsloeh Automotive GmbH, has shifted from their initially announced plans to invest around 1 billion euros into factories in Germany. These plans have been shattered though as the Chinese carmaker deemed the old airfield at Rothenburg close to Görlitz too small for its plant. The site was to host a factory employing a 1,000 people making high-end EVs for the European and Chinese market (we reported).