The new base cost of five billion dollars will be located in the Eastern China province of Zhejiang.
The project envisages the construction of automotive factory, the enterprise for the production of gearboxes, as well as the creation of an industrial Park for auto parts.
Construction is expected to start in October this year.
Note, last year China produced 794 thousand electric cars, and the sales amounted to 777 thousand units. Over the past three years, China holds a leading position in this segment.