(Yicai Global) Feb. 12 -- Leading Chinese car maker Zhejiang Geely Holding Group Co. will invest CNY33 billion (USD5.2 billion) to build new energy vehicle and transmission production facilities in Changxing county in China's eastern province of Zhejiang.
The parties signed their agreement locally yesterday, official online media outlet Zjol.com.cn reported.
Geely's Changxing project will manufacture transmissions and hybrid and plug-in hybrid cars by leveraging the fruits of the company's partnership with and investment in Volvo AB.
The project will include a CNY22 billion NEV plant with an annual capacity of 300,000 vehicles and a CNY10 billion industrial park with an annual capacity of 600,000 transmissions focusing on Geely's auto ecosystem data. Project construction will unfold in two stages, with phase one starting by the end of October. Zhejiang Geely Holding is the parent of Hong Kong-listed Geely Automobile Holdings Ltd.