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.