China's leading automaker Zhejiang Geely Holding Group (Geely), the parent company of Geely Automobile Holdings Limited (00175.HK), has started construction of a new energy vehicle (NEV) industrialization project in Guiyang, Southwest China's Guizhou province.
The project will cover 1,197 mu (79.8 hectares) of land and have a modern production line that integrates the stamping process, welding process, coating process and final assembly processing.
The production line will have the first complete vehicle rolling off at the end of 2017. It will enable Geely to achieve manufacturing of Geely M100 methanol vehicles upon the completion of project construction.
Geely announced its NEV strategy on Nov. 18, which says the company will complete business transformation and become a NEV maker by 2020.
According to its plan, Geely will increase its NEV sales to account for more than 90 percent of the total car sales by 2020.
Among the NEV sales, 65 percent will be contributed by plug-in hybrid power vehicles and petrol-electric hybrid vehicles, and 35 percent will be contributed by pure electric vehicles.
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