Shanghai, August 28 (Gasgoo.com) Beijing Automotive Industry Co held a ground-breaking ceremony Tuesday for construction of its new vehicle production base in the city of Zhuzhou, Hunan province, Xinhua reported today.
Beijing Auto will invest a total of 5 billion yuan ($731 million) in the project, which will have a capacity of 200,000 vehicles after its construction is completed in March 2010. Annual sales revenue to be generated by this new facility is projected at more than 15 billion yuan.
Beijing Auto is the parent company of Beiqi Foton Motor Co and has tie-up with Hyundai Motor Co and Daimler AG. Last year the automaker sold 695,000 vehicles and achieved sales revenue of 65 billion yuan.
The Beijing car-maker aims to sell 1.8 million vehicles by 2010, with its output capacity reaching 2 million units.