The Qingdao division of FAW Jiefang Company has launched a new commercial vehicle production base with an overall investment of CNY2.46bn (US$383m) in Ji Mo city, Shandong province.

Covering a building area of 1.53sq m, the new 200,000-unit commercial vehicle program will be divided into two stages. First phase construction will start in September 2011 and will be finished by the end of 2013 with annual production capacity of 100,000 units.

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Sales revenue is expected to reach CNY 20bn. No timing was given for the second phase.

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