China Wanxiang Group Invested Big Money into Pure Electric Commercial Vehicle Industry

http://www.gochinaauto.com/modules/news/article.php?storyid=4527&keywords=electric+cars

Wanxiang Electric Vehicle Co., Ltd. has successfully developed electric cars, electric buses, dual energy trams, electric power service vehicles, electric power engineering trucks and other electric vehicles. Its self-developed polymer lithium ion battery has successfully passed the performance test of China two designated testing organization.

In April 2010, the Board of Wanxiang Group decided to invest electric motor of electric vehicles and planned to invest 100 million CNY from 2010 to 2012 for product development, testing, production line investment and small-batch trial production.

In May 2010, Wanxiang Group announced that its wholly owned subsidiary company, Wanxiang Electric Vehicle Co., Ltd. and the United States Ener1 Company signed a framework joint agreement about battery and battery systems. The two sides will set up fully automated system on batteries and battery production base in Hangzhou City, China, and in the first phase the investment will be more than 300 million USD. It is expected to the end of 2011, the battery base will be with the production capability of 300 million Ah of batteries and 4 million sets of battery systems for electric vehicles.

Lu Guanqiu, Wanxiang Group Chairman announced that in 2010 Wanxiang will complete the industrial scale of an annual output of 1,000 electric commercial vehicles and 1 billlion W of lithium-ion power batteries.