Camel Group partners with overseas auto company in initiating new-energy auto engine project
2018-03-01 17:30:43 [Print]
According to the announcement issued by Camel Group on the evening of February 28, the company signed a cooperation agreement on February 28 with Rimac and the High-tech Industrial Zone commission of Xiangyang (Hubei province) on setting up a Sino-Croatian joint venture Luorui New Energy Technology Co. Ltd. in the Xiangyang High-tech Industrial Zone. Located in Zagreb, capital of Croatia, Rimac is an auto company engaged in design and development of electrically-driven high-performance sports cars and boasting world-leading techniques on auto electric engine and electronic controlling. Camel Group and Rimac will co-invest RMB1 billion into this joint venture which has a designed annual production capacity of 300,000 sets of electric engine, electric controlling system and BMS. The venture will focus upon research, production and sales of new-energy auto engines, battery systems and auto electronics. In 2018 its Stage One project will go into construction with an investment of around RMB200 million, which can produce 50,000 sets of auto engine and controlling system annually; and when its capacity is totally released, the Stage One project will realize an annual production value of RMB500 million. The entire joint venture is expected to reach full-capacity operation within five years, and then it will realize an annual production value of RMB3 billion.
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