Lifan plans to make an investment of CNY670m to make a battery production plant as well as a new energy research institute.
Citing a company filing, Shanghai Securities News said the investment will be based at its subsidiary, Lifan Group Chongqing Wanguang New Energy Technology. The feasibility report showed that the investment of CNY670m is to be composed of CNY417m of fixed assets and CNY252.75m in liquidity.
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The investment is to be done in two phases, where the second phase will depend on market conditions.
The new facilities would have a production capacity of two million motorcycle batteries, 1.65 million car batteries, two million electric scooter batteries and 10,000 lithium-ion batteries.
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