The Wuhan Cross-Straits Vehicle Innovation Research Institute is to be developed in Wuhan Economic & Technological Development Zone (WHDZ) in Wuhan, Central China's Hubei province, following an agreement signed during an investment promotion event held on Nov 13, according to local media reports.
The project is in the form of R&D and innovation alliances aimed at the development and application of new energy and intelligent-connected auto parts, with an investment of 1 billion yuan ($152 million).
According to reports, the institute will boast Wuhan Automobile Industry Service Co and Wuhan Automobile Industry Technology Development Co, which will be funded by automobile companies from Taiwan, as well as from the Chinese mainland.
Wuhan Automobile Industry Service Co will focus on building six service systems for the automobile industry. Wuhan Automobile Industry Technology Development Co will strive to build an automobile technology industrialization platform and an industrial investment and financing platform.
The promotion event, jointly hosted by the Taiwan Affairs Office of the State Council, the Association of Taiwan Investment Enterprises on the Mainland, and the Taiwan Affairs Office of Hubei Province, attracted the participation of more than a hundred listed Taiwanese companies located on the Chinese mainland, including key Taiwanese companies from the Yangtze River Delta and the Pearl River Delta.
The event saw the signing of 19 projects both online and offline, involving biomedicine, electronic information, precision manufacturing, smart logistics and other industries, with a total investment of 21.33 billion yuan.
