Shanghai (ZXZC)- Ningbo Tuopu Group ("Tuopu" or "the company"), a Chinese automotive supplier listed on the Shanghai Stock Exchange, recently inked an investment agreement with the management committee of Changxing Economic and Technological Development Zone to build a new auto parts plant in Huzhou city, Zhejiang province.

Under the agreement, the company intends to invest no fewer than 2 billion yuan ($278.203 million) in building a new energy vehicle (NEV) core component manufacturing base in Changxing county, Huzhou city.

Photo credit: Tuopu Group

Covering a planned area of around 200mu (133,300 square meters), the yet-to-be-built plant will work on producing such products as lightweight chassis, lightweight car body, interior functional parts, and automotive electronics for NEVs.

Tuopu will set up a wholly-owned or majority-owned subsidiary to manage the investment, construction, and operation of the aforesaid base. The project manager should obtain the land use right by means of legal procedures of "bid invitation, auction or listing for sale".

The new manufacturing base will mainly serve clients in Changzhou city and Changxing county. The regional advantages of Changxing county will enhance the company's preparedness response capability and effectively lower production and logistics costs.