Chinese air-conditioner manufacturer, the Aux Group (Wuhan, China), is planning to invest 8 billion yuan (U.S. $964 million) in a car-manufacturing plant, in a bid to gain a share of the Chinese car market, a senior official said from the company said.
The company is aiming for a production capacity of 450,000 automobiles within the next 5 years. Aux plans to introduce a sport-utility vehicle (SUV) model, a multi-functional van, and a sedan this year, with prices roughly between 120,000 to 150,000 yuan ($15,000 to $18,000), company officials said. (Asia Pulse)
to Daily News