Shanghai-based automaker Qoros Auto plans to build a new vehicle assembly plant in China's southern province of Shenzen, according to local reports.
Qoros is a joint venture between China's Chery Auto and Israeli-owned Kenon Holdings. The upmarket brand launched its first car in China at the end of 2013 and reported sales of just over 24,000 units last year.
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The company and its two shareholders signed an agreement with local authorities in Shenzen this week to spend CNY5.5bn (US$800m) on a new 500,000 units a year assembly plant in Yibin City. This includes an annual production capacity for 200,000 new energy vehicles per year, according to the reports.
Qoros already has an installed capacity of 150,000 units per year at its current plant in Changshu, Jiangsu province, which is already way more than the company produced last year.
No schedules were released for the construction and completion of the new plant.
The company's newly appointed CEO, Leon Liu, said Qoros has 115 sales outlets in the country at present but that the network is set to expand to 200 by the end of the year.
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