(Yicai Global) May 27 -- Zhejiang Founder Motor plans to invest CNY350 million (USD49 million) in a factory making electric motors for new-energy vehicles.

Shares in the firm [SHE:002196] were up 4.67 percent at CNY4.93 (69 US cents) as of 2.38 p.m.
The company will build a plant in its home province capable of producing 100,000 smart motors a year for commercial and passenger vehicles and lifting systems, it said in a statement.

Founder, which supplies to GM China joint venture SAIC-GM-Wuling, will complete construction in two phases, with the first in a rented workshop and the second on purchased land where it will set up a new facility, it added, without specifying a schedule.

Editor: James Boynton