China’s Geely invests RMB 8 Billion on Developing Green Vehicles

Gasgoo.com (Shanghai April 22^nd)– Geely in China invests RMB 8 billion yuan on launching alternative energy vehicles, which will be carried out in Hangzhou city nearby Shanghai since April 20.

“We plan to produce 100,000 electric vehicles in the first year and expect to earn about RMB 15 billion yuan,”said Li Shufu, president of Geely.

The new base of Geely covers an area of 600 acres. Production process includes stamping, welding, painting and assembly. Test tracks, parking lots, management centers and other facilities are also important parts of construction.

“Geely will focus on developing alternative energy vehicles in the following years, aiming at reaping 90% of total production. And electric vehicles will account for 35% of alternative energy vehicles,” said Li Shufu.

As one of pioneering cities promoting alternative energy vehicles, Hangzhou city now has put into use a total of 22,131 alternative energy vehicles, becoming the third rated city in China in. There are expected to be another 7,500 alternative energy vehicles put into use. Moreover, there will be only alternative energy buses in Hangzhou till the end of 2016.