Construction of a new energy vehicle industrial park project, with an investment of approximately 30 billion yuan ($4.56 billion) from property and financial services conglomerate Baoneng Group, recently began in Huangpu district of Guangzhou.

Covering an area of 660,000 square meters, the park will be home to a new energy vehicle headquarters, an R&D center for automobiles and core components, an advanced automobile manufacturing base, a vehicle sales center and a logistics center. 

Approximately 500,000 vehicles will be produced annually in the park and the yearly output of vehicles and components is expected to exceed 100 billion yuan. The construction of the park is to be completed in 2019.

Guangzhou, the pilot demonstration city for national conservation and new energy vehicles promotion projects, will make 300,000 new energy vehicles annually by the end of 2020 and build a "new energy plus internet-connected" vehicle industry innovation cluster, according to the city's work plan for the new energy vehicle industry from 2017 to 2020.

A rendering of the new energy vehicle industrial park project invested by Baoneng Group. [Photo/ycwb.com]