Fortune Global 500 company Geely Holding Group is to set up a new energy vehicle (NEV) headquarters in the Wuhan Economic & Technological Development Zone (WHDZ) -- in Wuhan city, in Central China's Hubei province -- according to local media reports.
With a total investment of more than 20 billion yuan ($3.06 billion), the project will develop and produce the Geely brand's high-end NEVs in Wuhan.
After completion, it will produce 300,000 NEV units annually.
Officials said the project will integrate R&D, production, sales and procurement. They said that as a result of the venture, the entire brand -- as well as other related industry production and supply chain companies -- will gradually settle in Hubei province.
To enhance the foundation and modernization of its advanced industrial chain, Hubei has been focusing on the automotive industry in recent years and as a result, the province has developed a new generation of intelligent-connected vehicles.
