Construction of the second phase of GAC-Toyota new energy vehicle capacity expansion project

SMM: a few days ago, Guangzhou Auto Toyota New Energy vehicle capacity expansion project Phase II start ceremony was held in Nansha District, Guangzhou City. The second phase of the project covers an area of 740000 square meters and will contribute more than 50 billion yuan to the land output value every year after reaching production. At that time, the production capacity of GAC and Toyota will be greatly increased, and there will be more than 30 spare parts manufacturers around it, contributing more than 100 billion yuan to the local industrial output value every year.

In 2019, GAC GROUP announced that the Guangzhou Auto Toyota New Energy vehicle capacity expansion project is divided into the first phase and the second phase of the investment project, with a total additional production capacity of 400000 vehicles per year, all of which are planned to be completed and put into production in 2022. The total investment of the project is 11.33 billion yuan (about 1.64 billion US dollars), of which shareholders add 548 million US dollars (about 3.762 billion RMB). GAC GROUP increased her capital by $274 million (about 1.881 billion yuan) with a 50 per cent stake, while GAC and Toyota raised the rest.

"the second phase of Guangzhou Auto Toyota New Energy vehicle capacity expansion Project is a strategic choice for Guangzhou Auto Toyota to comply with the development trend of the global automobile industry" New four modernizations "and continue to promote brand progress. it will help build Guangdong-Hong Kong-Macau Greater Bay Area New Energy vehicle industry cluster." Zeng Qinghong, chairman of GAC GROUP, said. In the future, we need to do a good job in scientific planning and layout from the top-level design, and build an industrial cluster for the development of new energy vehicles. Through innovation-driven (innovative resources and talent attraction), key projects (smart car industrial park), leading enterprises drive industrial upgrading, encourage enterprises to unite, and so on, through industrial clusters to promote the rapid development of related industries.

GAC Toyota revealed that the project will promote a new round of "shift acceleration" in the new energy vehicle sector. "the second phase of the new energy vehicle production capacity expansion project is an important node of GAC Toyota's expansion. After completion, it will be put into production of Toyota's pure electric models, bringing more diversified products to the majority of customers." Toyota Motor Co., Ltd., head of the China Department and vice chairman of Guangzhou Auto Toyota, said Dauro Ueda.

Editor's comments:

At the beginning of this year, the automobile market was affected by the epidemic, which led to an obvious downward trend in development. The second phase of the GAC-Toyota new energy vehicle capacity expansion project started, driving an output value of more than 50 billion yuan, which will bring new development opportunities to the automobile industry. At the same time, the completion of the new plant is conducive to the further improvement of GAC Toyota production capacity. In the future, with the continuous introduction of GAC Toyota new energy products, it will bring us more choices.

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