China's Ministry of Finance (MOF) gave nod to China Aerospace Science and Technology Corporation (CASC)'s plan to invest in Linghe automobile project, which is located at Lingyuan in Chaoyang City, northeast China's Liaoning Province.
CASC plans to invest 2 billion yuan in building a modern automobile manufacturing enterprise covering a total area of 68 hectare in Lingyuan Economic and Technological Development Zone.
The enterprise, focusing on automobile manufacturing, will also produce components of heavy trucks, military vehicles, special vehicles, new energy vehicles, high-end vehicles, and provide automobile technological and logistic service.
Upon completion, the project is expected to yield a production capacity of 100,000 vehicles per year, with the output value reaching 5.2 billion yuan.
In December 2015, CASC signed an agreement with the government of Lingyuan on Linghe automobile project. The foundation stone laying ceremony was held in April 2016.
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