Jun. 29, 2012 (China Knowledge) - Lifan Industry (Group) Co Ltd<601777>, a top motorbike manufacturer in China, announced its plans to invest RMB 1.1 billion to launch a new energy battery project in Chongqing.

According to a statement filed with Shanghai Stock Exchange, the project is divided into two phases, and the construction will be completed in three years.

The automaker aims to realize an annual production capacity of 2 million units of motorcycle battery, 1.65 million units of car battery, 2 million units of scooters battery and 10,000 units of lithium battery.

In another statement, the automaker said it will set up an automobile R&D center in Chongqing Tongxing Industrial Park with a total investment of RMB 477 million.

In 2011, Lifan Industry saw its auto sales surged 65.77% YoY to nearly 120,000 units, and its operation revenue increased 27.46% from a year earlier to RMB 8.63 billion, sources reported.