The industrial park will usher in numerous auto parts and accessories projects to supply products to Beijing Benz Automotive Co., Ltd, co-owned by Daimler AG and Beijing Automotive Group.

At the launching ceremony on Monday, contracts worth 4.9 billion yuan (766 million U.S. dollars) were signed that will finance the construction of the first batch of 19 projects in the industrial park at the Beijing Yizhuang Economic and Technological Development Zone.

Signers of the contracts include world famous auto parts producers like ZF Group, Valeo, Johnson Controls Inc. and Magna International Inc.

Sources with the economic zone said output of Beijing Benz and its industrial chain is expected to reach 50 billion yuan by the end of 2015.

Established in 2005, Beijing Benz now assembles and manufactures the Mercedes-Benz C-Class and E-Class cars in China.