A concept diagram of Evergrande's NEV plant in the Guiyang HIDZ. [Photo/gywb.cn]
The construction of Evergrande's multi-billion dollar new energy vehicle or NEV plant is currently in full swing at the Guiyang National High-tech Industrial Development Zone (Guiyang HIDZ) -- in Guiyang, capital city of Southwest China's Guizhou province -- according to Guiyang HIDZ officials on Aug 26.
They said the total estimated investment in the Evergrande NEV project will be about 30 billion yuan ($4.36 billion) -- including R&D funds and working capital -- and capital expenditure on phase one of the project is expected to total 18.5 billion yuan.
Officials added that, the project started construction on Oct 8, 2019. Plans are for it to be completed within 24 months, start producing within 30 months and ramp up to achieve full production in 36 months.
Excavators get busy at the construction site on Aug 26. [Photo/gywb.cn]
The project will be built as a new energy vehicle production and manufacturing center.
It will including stamping, welding, coating, general assembly and five powertrain processing workshops, a R&D center, public ancillary facilities, warehouse logistics, a test track, staff members’ dormitories and other support facilities.
After the completion of the project, the annual output of NEV will be 500,000 units, with a production of 200,000 vehicles in phase one and 300,000 in phase two.