SHANGHAI, Sept 4 Mid-sized Chinese automaker
Haima Investment Group Co (000572.SZ) said on Thursday it planned
to build two plants to triple its annual car production capacity
to 450,000 units.
Haima will invest 1.41 billion yuan ($206.1 million) in a
plant in the central Chinese city of Zhengzhou that will be able
to produce 150,000 cars annually, it said in a statement. Funding
will come from internal resources.
Another facility, to be built by a subsidiary in the southern
city of Haikou, Haima's home base, will give the firm additional
annual capacity of 150,000 units, it said, although it gave no
cost estimate for that project.
China's auto market, the world's second largest, has been
growing at annual rates of more than 20 percent in recent years
but began slowing this year, as a series of natural disasters and
a fuel price hike dented demand.
Haima gave no time table for the projects, which it said
would improve its competitiveness.
(Reporting by Fang Yan; Editing by Edmund Klamann)