China FAW Group Corporation and Qingdao Municipal Government signed an agreement on new energy commercial vehicle project at Qingdao on August 30, 2017. FAW Jiefang New Energy Commercial Vehicle project will be established at Qingdao Automobile Industrial New Town.
With total investment of 1 billion yuan (RMB), the new energy commercial truck plant will mainly produce electric truck and intercity logistic truck. The annual output of the plant will be 40,000 units, and output value can reach 10 billion yuan (RMB) after production. This project will fill in the blanks of Qingdao in new energy truck sector and fuel the growth of associated industries and enterprises.
FAW Group is a leading global manufacturer of quality passenger cars, trucks, and buses. Established in 1953, the company is China's oldest and largest automotive group. Annual sales exceed three million units.