Gasgoo.com (Shanghai January 25) - Zhejiang's Jinhua Youngman Automobile-Manufacturing Co., Ltd.'s program to increase passenger vehicle production capability was approved today, the National Development and Reform Commission announced on its website. Youngman, which specializes in buses and trucks (pictured), hopes to increase its yearly production capability of 1.6L engine sedans and other small multi-purpose passenger vehicles to 100,000 vehicles in the Jinhua economic development zone.
Pang Qingnian, company chairman, revealed that the company would invest 20 billion yuan ($304m) in the Jinhua project, in a statement made at last year's Guangzhou International Automobile Exhibition. Planning on the project began last year, with construction being completed in 2012. Jinhua is aiming for a long-term yearly production goal of 200,000 vehicles, an output value of 40 billion yuan ($6.09b).
Mr. Pang began his career in the tire industry before moving into automobiles in the 90s, with his company primarily focusing on production of public and tourist buses.
Youngman only managed to sell a mere 30,000 vehicles last year, a fraction of struggling own brand BYD's 600,000 sales.
