Regarding the new plant, Haiyuan signed a framework agreement with Zhejiang Sea Port, an investment firm set up by Zhejiang province’s government, Shenzhen-listed Fujianese chemical firm’s parent Haiyuan Composites Technology said in a statement to its stockholders. The company said that Haiyuan has designed a production line for ultra-light car bodies while securing intellectual property rights.
The investment firm will also establish a car industry fund for new material development, to which Haiyuan will invest in. The fund will have an initial investment of CNY2 billion (USD290 million) and later it will acquire a stake in the vehicle parts firm.
Both parties will promote the use of carbon fiber materials in cars to expand from Zhejiang to the whole country, while helping Haiyuan to become the leader in the sector, the statement added.
Industries: Automotive and Road Transportation