Recently, the groundbreaking ceremony of the second phase of GAC Toyota’s new energy vehicle capacity expansion project was held in Nansha District, Guangzhou. As early as 2019, GAC Group announced its new energy vehicle capacity expansion project. The project is divided into phase one and phase two investment project construction, adding a total of 400,000 new energy vehicles annually. The total investment of the project is 11.33 billion yuan (approximately 1.64 billion U.S. dollars). It is planned to be completed and put into production in 2022. By then, it will contribute over 100 billion yuan in local output value each year.
Zeng Qinghong, chairman of GAC Group, said. “The second phase of GAC Toyota’s new energy vehicle capacity expansion project covers an area of 740,000 square meters. After reaching production capacity, it will contribute more than 50 billion yuan in real estate value. This plan is also a plan for GAC Toyota to follow the development of the global automotive industry’s “new four modernizations”. It will help build a new energy automobile industry cluster in the Guangdong-Hong Kong-Macao Greater Bay Area.”
Affected by the epidemic this year, the automobile industry has suffered a huge impact. The expansion of the second phase of the new energy production capacity project will promote a new round of “gear shift acceleration” in the new energy automobile sector of GAC. The project covers an area of 740,000 square meters and will be put into production every year. The contribution is over 50 billion yuan in real estate value. At that time, GAC Toyota’s production capacity will be greatly increased, and it will drive more than 30 peripheral component manufacturers to contribute over 100 billion yuan in local industrial output value.