Yang Rong signs agreement with SEUZ to build green cars

Yang Rong, the Brilliance founder

Far East Golden Resources Group (FERG), which is controlled by Brilliance founder Yang Rong, announced that its subsidiary Hybrid Kinetic Motors Corporation (HKMC) has signed an agreement with the Shenyang-European Union Economic Development Zone (SEUZ) to increase the production of green cars Tuesday.

The agreement says that FERG will invest 10 billion yuan ($1.47 billion) to build a hybrid vehicle power system with a capacity of 1 million units, including engines, gearboxes and electromotors in the SEUZ. The Shenyang government will provide no less than two square kilometers of land and complete the necessary groundwork and construction of infrastructure.

At the same time, if the SEUZ is capable of coordinating and assisting HKMC in obtaining an automotive manufacturing license, HKMC will get preferential consideration to organize and provide an additional investment of 10 billion yuan to set up a manufacturing base for automobiles. The target capacity will be 1 million units per year in the development zone, and the SEUZ will provide a development site of no less than eight square kilometers to complete the necessary groundwork and construction of infrastructure to HKMC.

While the agreement has been reached, a formal one has yet to be signed.

Agencies and Wang Yang contributed to this story

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