On January 8, Chinese automaker Geely signed an agreement with the Wuxi city government for the landing of its high-performance electric drive project, with a total investment of 10 billion yuan ($1.57 billion), situated in the Wuxi Huishan Economic Development Zone.
The project will be mainly engaged in the R&D, production and sales of high-performance electric drive series products. Included in the plans are 600,000 sets of new energy powertrains.
Geely Power Battery, as the main investor of the project, has leading R&D strength in the fields of engines, transmission, hybrid powertrains and electric drive. The company is the first enterprise in China to independently develop the whole transmission and export it to Europe.
Leishen Powertrain, a new sub-brand of Geely Power Battery, will build its pure electric series products in China’s eastern city of Wuxi. After the completion of the project, it will serve as the global headquarters of Geely’s electric drive production and the main body of its future marketization. The firm will further build an ecosystem integrating R&D, production and brand operations.
In recent years, the Wuxi Huishan Economic Development Zone has actively followed the trend of carbon peaking and carbon neutrality goals. The government has successively introduced and cultivated a number of core auto part enterprises of new energy vehicles, which has become an important sector of Jiangsu province’s new energy automobile industry.