Chinese truck and van maker Anhui Jianghuai Automobile (JAC) will hold a 20% stake in a $BR900m (US$509.3m) vehicle assembly plant in Brazil, China’s commerce ministry said.
The facility, scheduled to start operating in 2014, would have an annual capacity of 100,000 units, the ministry said on its website, according to Reuters.
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Unidentified Brazilian investors held 80% of the plant, which would assemble vehicles priced at less than BR$50,000, the statement said.
In July, rival Chery Automobile unveiled a plan to build a $400m car plant in theBrazil with initial capacity of 50,000 units.
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