Manufacturing News

JAC inks 10 billion yuan deal to build EVs for startup NextEV

Jianghuai Automobile Co. signed a framework agreement worth 10 billion yuan ($1.5 billion) with NextEV to develop electric vehicles.

JAC said the first electric car that it will produce for NextEV will arrive in the market toward the end of 2017. The company did not disclose further details about the car.

JAC, of Hefei in east China's Anhui province, is a major truckmaker in China. It also builds EVs and gasoline-powered vehicles.

Last year, NextEV was incorporated in in Shanghai's suburban Jiading district with registered capital of 163 million yuan ($25 million).

Principal investors include Bita Auto Holdings and Autohome Inc., which mainly provide online content and marketing services for car dealers in China.

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