Shanghai (ZXZC)- Currently, Hangzhou Fuyang District government signed a cooperative agreement with Baoneng Group, Hangzhou Xintiandi Group on a NEV project with the annual capacity of 300,000 units and Xintiandi City Complex Project.

It’s learned that Baoneng Group, headquartered in Shenzhen, is now developing into a large modernized group covering five key industries including property developments, science park, modern logistics, comprehensive finance and health care.

NEV industry will be the company’s key business in its short-term plan. Baoneng Investment Group plans to invest in a NEV project with an area of 2 square kilometers and total investment of about RMB 14b. The project will involve the production, testing, R&D of NEV and production of key parts including electric engines, batteries, electric control systems, as well as the building of headquarters.