Anhui JAC Automotive Co., Ltd. and Tianjin Ching Equity Investment Management Co., Ltd., , a wholly-owned subsidiary of Hong Kong’s Hybrid Kinetic Motors Corporation (HKMC), are forming a 50:50 joint venture for the production of new energy vehicles. Initial investment will be not less than 2 billion yuan (US$295 million).
According to JAC, the new JV will target battery electric and extended range electric small passenger car vehicles; light commercial passenger electric vehicles; and light truck and other special purpose electric drive vehicles. Annual output is targeted to be one million vehicles, including powertrain, Li-ion batteries and control system.
The partnership with JAC is HKMC’s first since its founding in January this year by Yang Rong, former chairman of Brilliance China.