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Haiyuan Automatic invests RMB99 mln in new energy auto firm

BEIJING
2015-09-14 15:26

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Haiyuan Automatic (002529.SZ) said Monday its board members had agreed to invest in a new energy auto joint venture based in east China's Fujian Province, in a bid to extend the company's presence in the new energy auto segment.

Haiyuan Automatic alone will contribute 99 million yuan, accounting for 11 percent of the joint venture's registered capital.

The joint venture, costing a total of 900 million yuan, will be engaged in development, testing, production and sales of new energy vehicles and battery products.

Haiyuan Automatic to date has made progress in auto light weight technology, including techniques for producing carbon-fiber car body parts.

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