Shanghai. August 31 (Gasgoo.com) - Haima Investment Group Co announced recently that it would invest 340 million yuan ($45 million) to buy a 900,000 square meters land in Zhengzhou, Henan province. The expansion will enable Haima to increase its minibuses, pickups and SUVs output.
Haima is planning to produce and sell 100,000 mini cars annually by 2010, according to a Chinese media report earlier this month.
Haima acquired the former state-run Zhengzhou Light Automobile at 29.69 million yuan ($3.8 million) and founded Haima (Zhengzhou) Automobile Co earlier this year. Following the acquisition, Haima has been actively seeking to expand the operation of the newly founded subsidiary company.
Zhengzhou Light Auto has not got permission from the government to produce sedans, but clearly Haima hopes to build a sedan production base at Zhengzhou.
