SAIC Motor starts construction of 2 bn yuan power battery plant in Zhengzhou

 

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China’s largest automaker SAIC Motor has started construction of a 2 billion yuan ($276 million) power battery plant in the city of Zhengzhou, capital of central China’s Henan province. 

The new plant will have an annual production capacity of 300,000 battery packs worth more than 10 billion yuan after it goes into operation, SAIC said.

Shanghai-based SAIC set a goal in April to sell 3.5 million NEVs a year by 2025, up 250% from last year.

SAIC sold 86,000 NEVs in June, a 13% rise from May to rank second among Chinese automakers after BYD Company. The company sold more than 230,000 NEVs in the second quarter, up 62% on the prior quarter, according to the company’s data.