NextEV, an electric vehicle startup, plans to build a 3 billion yuan ($462 million) plant in the east China city of Nanjing to produce motors for EVs.
The factory is scheduled to start production in the second half of the year. It will have capacity to produce up to 280,000 motors a year after reaching full production, NextEV said last week.
The plant will supply motors for EVs to be built for NextEV by other manufacturers. Last month, NextEV agreed to pay Jianghuai Automobile Co. 10 billion yuan to produce EVs for the company.
Those vehicles will go on sale toward the end of 2017, according to state-owned JAC.
NextEV was incorporated in Shanghai in 2014 with the aim to develop "high-performance" EVs, according to its website.
Source:Automotive News China