Changan Auto to invest $648 mln in Beijing plant
Major Chinese auto maker Chongqing Changan Automobile Co (000625.SZ) said on Tuesday it plans to invest 4.3 billion yuan ($648 million) to build a production base in Beijing.
The project, with a designed annual production capacity of 200,000 cars, is expected to start operation in June 2012, it said in a stock exchange filing.
Changan did not say how it would fund the project, but the automaker recently received regulatory approval to raise as much as 4 billion yuan via a new share offering. [ID:nTOE6A8024].
Changan operates a three-way tie-up with Ford Motor Co (F.N) and Mazda Motor (7261.T), making Focus, Fiesta and other models.
It also makes compact cars, such as the Yuexiang and BenBen. Changan's first premium model is expected to roll off the production line next year, company executives have said. ($1=6.641 Yuan)
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