FAW-VW seeks to yield 10 bln yuan with a new project in Nanhai, Foshan
Foshan China 2023-03-28 18:26

On March 24, FAW-VW Co., Ltd. Foshan Branch (hereinafter referred to as "FAW-VW Foshan") held a signing ceremony for the new energy vehicle project. The project will settle in Nanhai, striving to achieve an investment of more than 10 billion yuan and an output value of 100 billion yuan within 5 years.

FAW-VW Foshan plans to invest over 16 billion yuan in the new energy vehicle project. With the plan of "10 billion investment, 100 billion output value", the project will build a model base for the production of intelligent new green energy vehicles. From 2023 to 2027, the project will increase fixed asset investment by 9.75 billion yuan and current assets investment by 7 billion yuan, making FAW-VW Foshan the major new energy production base and the largest production base of FAW-VW in South China.

Zheng Ke, secretary of the Foshan Party Committee, said in his speech at the signing ceremony that FAW-VW has continued to invest in Foshan for more than ten years and has made positive contributions to Foshan's economic and social development. At present, Foshan is focusing on high-quality development, promoting manufacturing industry, vigorously developing strategic new industries such as new energy vehicles and new energy storage, and has formed a good industrial ecology. Foshan will make every effort to create a first-class business environment, provide enterprises with the best, the most efficient and the most considering services, accelerate the construction of new energy vehicle projects, and support enterprises to take root in Foshan to develop and grow.

FAW-VW Foshan has settled in Shishan Nanhai for 12 years. In the past 12 years, the annual production capacity of the FAW-VW Foshan has increased from 150,000 cars to 600,000 cars. As of February 2023, FAW-VW Foshan has invested a total of 33.6 billion yuan in fixed assets, put 12 models into production, produced a cumulative production of 2.61 million cars, and generated a cumulative revenue of 311 billion yuan, making important contributions to the economic and social development of Foshan and Nanhai.

The continued investment in the leap development project in Nanhai is a new leap after the pandemic, demonstrating FAW-VW's confidence in Foshan's economic development. After the signing of this project, FAW-VW Foshan will continue to invest in new energy vehicle, expecting to reach an output value of 100 billion yuan in 2027~2028.

Under the background of the whole society fighting for economic development, leading enterprises continue to increase investment, vastly enhancing the confidence in regional development. In the future, Nanhai District will vigorously create a first-class business environment, provide first-class services, and attract more domestic and foreign enterprises to invest in Nanhai.

Reporter | Tang

Revisor | Jersey, Jessica

Photo | Pearl River Times, FAW-VW Co., Ltd.