Gasgoo.com (Shanghai January 27) - Chinese automobile and motorcycle manufacturer Lifan Group signed an agreement with Liangqiang New Area to invest 3.5 billion yuan ($532.5m) for construction of a passenger vehicle production site yesterday, www.cnr.cn reported.
The planned production site will be located at Liangqiang New Area's Longxing Industrial Park in Lifan's home city of Chongqing. Construction is expected to be completed in 2013 at earliest. After the new plant begins operation, Lifan predicts its yearly production capability to jump to 2 million fuel-powered sedans and 50,000 new energy cars, netting an annual income of 25 billion yuan ($3.8b) and supplying the company with 10,000 new jobs. Car engine production capability is expected to reach 3 million units.
