Construction work on two key vehicle projects is currently underway in the Wuhan Economic and Technological Development Zone (WHDZ) in Wuhan, Central China’s Hubei province, according to the zone’s official WeChat account.
The Dongfeng Yunfeng project, developed by major automaker Dongfeng Motor Co, is expected to reach annual production capacity of 300,000 units after it is put into operation.
It will produce internationally competitive products including cars, SUVs, and new energy vehicles. The products will be equipped with the latest technologies, including advanced electric motor control, power battery and vehicle control systems, internet of vehicles technology and autonomous driving.
Another project is being funded and developed by Geely Holding Group, a Fortune 500 company.
To facilitate the Geely project, WHDZ will cooperate with the Industrial Bank with a strategic cooperation agreement signed on April 24.
Under the agreement, the bank will provide financing of 5.5 billion yuan ($776 million) for the new Geely plant.
The plant will focus on building premium vehicles and is expected to help enhance research and development capabilities, improve operations and reduce the production costs of Lotus cars, a luxury UK sports car brand now owned by Geely, in China and boost technological innovation in the automobile sector.
Construction work on the main structure of the stamping workshop and the assembly shop is scheduled to be completed in 2020.
Construction for the entire project is expected to be completed by the end of 2021.
