Shanghai, November 25 (Gasgoo.com) Yang Rong is in talks with three listed Chinese companies about their cooperation in his China-based vehicle and engine project, reported Reuters yesterday, citing the former chairman of Brilliance China Automotive Holdings Ltd.
A US private equity (PE) firm will possibly take part in the project, they added. Yang Rong expected to make 3 million electric hybrid vehicles in China in 2020.
The former Chinese auto tycoon is casting his eye to both Chinese and US electric hybrid vehicle markets, where he mulled the construction of six production bases. In particular, he intended to locate three of them in China with the focus on both engines and vehicles.
Six Chinese companies showed their interest in the project, and three listed firms were selected, disclosed Yang Rong, who declined to tell the names of the three. He said that they are now working on the details of the contract, one of the bargains of which is the partner firms may be allowed to take a seat in board.
Previous reports said that the former Chinese auto tycoon planned to locate its green energy vehicle production base in Shenyang, capital of northeast China’s Liaoning province, which signals the possibility of introducing the green energy project to some listed firms.
On November 18, automobile parts and environment products maker Far East Golden Resources Group (FERG), which is taken charge of by Yang Rong said its subsidiary Hybrid Kinetic Motors Corporation (HKMC), would invest 10 billion yuan ($1.47 billion) in Shenyang to produce hybrid vehicle power systems.
