China’s Wanxiang Group plans to build plant for electric vehicles
Wanxiang Group Corp., a Chinese automotive components maker that owns U.S. electric-car maker Karma Automotive, plans to build a USD 375 million plant in China to produce battery-powered vehicles.
Wanxiang Group is one of the leading enterprise groups in China and is the largest manufacturer of automotive universal joints in the world. Wanxiang bought Fisker Automotive, a manufacturer of plug-in hybrid sports cars, in February 2014 after the company declared bankruptcy in November 2013. Wanxiang renamed the company Karma Automotive.
The new plant, which will be based in the eastern city of Hangzhou, Wanxiang’s headquarters, will be able to produce 50,000 extended-range electric cars a year, Wanxiang said.
The company did not say when the plant will be built or when production will commence because the plan is still being reviewed by local authorities.
A media representative from Wanxiang said the company has yet to decide whether the plant will build Karma cars or electric car models specifically developed for the Chinese market.