The output value of intelligent new energy vehicles in the Lin-gang Special Area in Shanghai is expected to top 150 billion yuan ($23.1 billion) this year, becoming the first pathfinding industry valued at over 100 billion yuan in the area, according to statements made at a signing ceremony for new projects there held on Aug 17.

The Lin-gang Special Area holds a signing ceremony for 42 projects on Aug 17. [Photo/WeChat account: shlgguanweihui]

Forty-two projects, with an investment of nearly 28 billion yuan, were signed at the ceremony. They cover frontier industries such as integrated circuits, high-end equipment manufacturing and biomedicines. The projects also operate in service industries including international trade, cross-border finance and shipping – and in the business, cultural, sports and tourism sectors.

The latest slew of projects are widely anticipated to add new momentum to the development of the Lin-gang Special Area.

Wu Xiaohua, deputy secretary of the area's Party working committee, said it has to date attracted more than 100 enterprises related to intelligent new energy vehicles, operating in such fields as body components and power systems.

The total investment in the intelligent new energy vehicle sector in the area this year will be about 30 billion yuan, with more than 30 billion yuan of key projects under discussion.

As the first 100-billion-yuan industrial cluster in Lin-gang, the production of new energy vehicles is expected to top 600,000 units this year, while vehicle exports are seen exceeding 100,000 units.

Projections are that by 2025, the scale of the intelligent new energy vehicle operations in the area will exceed 300 billion yuan, accounting for four fifths of Shanghai's total in the sector.