SHANGHAI: Chinese carmaker Jianghuai Automobile Co said yesterday it plans to invest about 30 billion yuan (US$4.4bil) on production of clean-technology vehicles through a partnership with Yang Rong, a Chinese automobile tycoon who fled the country after being accused of economic crimes.
Jianghuai would set up a 50-50 venture with the private equity unit of Yang’s Far East Golden Resources Group and aimed to make 1 million cars in the next eight years, Jianghuai said in a statement filed with the Shanghai Stock Exchange.
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