(MENAFN) Zhejiang Geely Holding Group will establish a complex for new energy vehicles (NEV) for over USD5 billion in east China's Zhejiang Province.
The company has signed a deal on Sunday with the government of Changxing County, where the base will be located.
Based on the deal, the facility will consist of an assembly plant for vehicles, a gear box factory and an industrial park for auto parts.
The government expects NEV production and sales to reach 2 million annually by 2020, according to a plan released last year.
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