BEIJING, Nov. 30 (Xinhua) -- Zhejiang Jinfei Kaida Wheel Co., Ltd. (002863.SZ), a Chinese auto wheel manufacturer, will set up a production base in Thailand, announced the company on Wednesday.
According to the announcement, the production base will be built in the Thai-Chinese Rayong Industrial Zone, and is designed to produce 3 million aluminum alloy wheel hubs annually, targeting markets in Europe, America, Oceania and the Middle East.
Total investment of the project is 373.14 million yuan (about 53.66 million U.S. dollars), and the construction period of the project is 5 years. After the third phase is completed, the project is expected to see annual sales revenue of about 850 million yuan (about 122.23 million U.S. dollars).
The project will be implemented by the company's subsidiary, Vossen Manufacture (Thailand) Co., Ltd., which owns the land of the future production base in Rayong Industrial Zone, according to the statement. (Edited by Li Wenxin, Yang Qi, liwenxin@xinhua.org)
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