Chinese pure electric vehicles (EVs) manufacturer Kandi Technologies' subsidary Zhejiang Kandi Vehicles has partnered with Wanning city government of Hainan Province in China to set up a new electric vehicle (EV) components and parts manufacturing plant.
The new Hainan manufacturing plant, which will be built by Kandi, is expected to produce key components and parts for up to 100,000 EVs annually.
Kandi will recieve a land of about 82 acres for the new manufacturing plant, which is expected to generate an annual revenue up to RMB3bn ($480m).
In addition, a new manufacturing base is expected to be built within two years of obtaining the favorable land-use rights by the government, which will include a subsidy policy for no less than 20,000 EVs per year.
Kandi CEO and chairman Xiaoming Hu said the company is expected to be granted by all levels of Hainan government, which will implement numerous tailored supportive polices for Kandi.
"The cooperation between Wanning city and Kandi Technologies is deemed as a great stride for Kandi to become the leading pure EV manufacturer and solution provider in China," Xiaoming Hu said.
