A signing ceremony was held in the Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone on Sept 28, where agreements in support of the development of new energy vehicle supporting industries were signed.

Thirteen projects involving automobile bodies, chasses, interior and exterior accessories, new energy powertrains, materials, sensors, electronic components, and other products involved in the automotive industrial chain were established in Lin-gang. The projects have received more than 4 billion yuan ($586 million) in investment and are expected to produce over 10 billion yuan in output.

Lin-gang has expanded the distribution of upstream and downstream sections of the industrial chain, which revolves around Tesla, SAIC ROEWE, and more, and the number of enterprises involved in the automotive sector now exceeds 60. The industry is expected to exceed 60 billion yuan in value in 2020.

According to the area's latest guidelines, issued on Sept 24, the target industrial output value of the intelligent new energy vehicle industry by 2025 is 120 billion yuan. It is expected to become the first industrial cluster in Lin-gang to exceed 100 billion yuan in value.

Lin-gang Special Area holds a signing ceremony for 13 new energy vehicle supporting projects on Sept 28. [Photo/WeChat account: shlgguanweihui]