A new 1.5 billion yuan (US$238.5 million) research and development center to upgrade Shanghai's auto manufacturing expertise will emerge in Shanghai International Automobile City in Jiading District.

Covering an area of nearly 753,000 square meters, the center can support 150 auto firms with their design and R&D projects.

The center may lure investments of US$2 million to US$5 million from each company, which will help rev up the innovation engine of Shanghai's auto industry.

The construction of the center is set to be completed in 18 months

Source:shanghaidaily.com