Qiantu Auto, owned by automotive-design contractor Hyundai, 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 CH Auto plans to build nine 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.