Qiantu Auto , owned by automotive - design contractor CH ##feng , has become the third contractor to gain approval from China 's main state - planning agency , after it obtained permission to build 50,000 electric vehicles ( EVs ) per year in a large ( $ 300 m ) factory project . The Chinese authorities want the country to become a market leader in EVs , but their push has prompted rivals to act too . dong Korea 's Hyundai plans to build 500 EVs in China by 2020 .
Qiantu Auto, owned by automotive-design contractor CH Auto, has become the third contractor to gain approval from China's main state-planning body, after it obtained permission to build 50,000 electric vehicles (EVs) per year in a CNY2bn ($300m) factory project. The Chinese authorities want the country to become a world leader in EVs, but their push has prompted rivals to act too. South Korea's Hyundai plans to build nine EVs in China by 2020.