Wuhan plans around 6.8 billion euros for automotive innovation center.
Wuhan is already an important center for new technologies and we now want to expand it. Here, the research and production of vehicles with new energy, new automotive electronics, new automotive chips and related aftermarket to be at home. The idea is by no means new and has been developing for several years.
The Wuhan Economic Development Investment Co. plans to jointly invest 50 billion yuan ($7.1 billion) with several major banks to create an innovative automobile corridor in the city, according to a statement Thursday. This should focus on vehicles completely on the new mobility.
The state company wants to create an industrial park and high-tech companies in cooperation with various banks. There is already a test runner for this with the Longlingshan Ecological Park. Together, the industrial center called “China Auto Valley” is to be created. However, the name is also based on the USA.
Wuhan, the largest city in central China and the country’s second largest auto manufacturing base after Shanghai. The state automobile manufacturer Dongfeng engine is headquartered in Wuhan. Besides is baidu already active here.
In addition, the private Chinese car manufacturers operate Geely, Nissan, Honda, General Motors and Stellantis important production plants in the city.