Shanghai November 29 (Gasgoo.com) Italian automaker Fiat has signed November 25 an agreement with Chongqing Xiaokang Auto Industry Group Co.,Ltd. to launch the Fiat diesel engine project in Liang Jiang Xin Qu of Chongqing Municipal, southwest of China's biggest industrial and commercial center, local media reported Monday.
The aim of the project is to produce environmentally friendly diesel engines which have impressive fuel consumption of around 5.5 liters per 100 kilometers and could be 40% more fuel-efficient than the ordinary gasoline engines.
The project will have two phases, and will have an annual production capacity of 300,000 diesel engines and 100,000 vehicles and generate annual sales revenue of over 12 billion yuan ($1.8 billion) when completed, Wong Jieming, Management Committee Director of Liang Jiang Xin Qu said at the signing ceremony.
Separately, Chongqing Yu'an Holding Co., Ltd., which is dedicated to research, production and sales of motorcycles, cars, shock absorbers and auto engines, includes two subsidiaries: Chongqing Xiaokang Auto Industry Group Co.,Ltd. and Chongqing Yu'an Group Co.,Ltd. The latter runs a mini passenger car joint venture with Dongfeng Motor Corporation.
