NextEV and the Nanjing Municipal Government have signed a partnership agreement to build a RMB3bn (US$462m) plant for the development and production of high-performance motors, as well as electronic modules in the Nanjing Economic and Technological Development Zone.

"The plant will have a production capacity annual output of 280,000 units when it goes into operation in the second half of this year and we will focus on NextEV's proprietary intellectual technologies such as our motors and electronic modules, for the first phase,"said NextEV Co-founder & EVP, CEO, Jack Cheng.

For his part, NextEV founder and chairman, William Li added: "NextEV believes electric vehicles' core components and their related products will be the next battleground for the industry and we have developed our own proprietary intellectual technologies, on par and exceeding international standards, like the drive system assembly through our emphasis and investments in Research and Development.

"Chinese enterprises need to cooperate to develop complementary synergies in win-win relationships in order for China's electric automotive industry to be globally competitive.

"To this end, NextEV is willing to share our technologies, and build key components for other domestic electric vehicle manufacturers."

The Nanjing Economic and Technological Development Zone was established in 1992 and is one of the top ten development zones nationally.

NextEV has design, research and development offices in San José, Munich and London, as well as Shanghai, Beijing and Hong Kong.