SG Automotive Group Plans to Make New Energy Buses with Joint Venture

www.chinabuses.org: SG Automotive Group announced on 8 March that its subsidy, Huanghai Bus planned to found Changzhou Huanghai Micro Electric Vehicle Company with Changzhou Micro EV Technology Co,.Ltd and Changjianglongcheng Technology Company with the capital of 90 million Yuan RMB, 60% of the registered capital. This company mainly carried the manufacturing and development of electric vehicles and the annual production capacity is 60,000 units in Phase One with the objective of 300,000 units. With the total investment of 1 billion Yuan, the company will fully develop the technology advantages of conventional vehicles and new energy ones to increase competitiveness in new energy vehicles industry. 

According to the announcement, Huanghai Bus will contribute trademark rights as intangible assets, Changzhou Micro will offer electric drive and vehicle technology platform for intangible assets.

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