(Yicai Global) March 3 -- The National Development and Reform Commission (NDRC), China's top macroeconomic planner under the State Council, has approved a project by Lanzhou ZD Electric Automobile Co. (ZD Automobile) to make 40,000 full electric vehicles (EV) per year.
ZD Automobile's shareholders include China's private car giant, Geely Holding Group, Xin Da Yang Group and Jinsha River Capital.
The NDRC's documents regarding the approval show that the project will be built in northwest China's Lanzhou City in Gansu province. The total investment for the project is 881 million yuan (USD127 million), of which the new investment will amount to 489 million yuan. All the funds needed for the investment are raised by the enterprise itself.
The project will fully upgrade and transform the original production line of the Lanzhou Zhejiang Geely Automobile Co. by Geely Holding Group and will build additional new production facilities.