Beijing Automotive Supports Establishment of Electric Vehicle Production Base Worth 4 Trillion Won in Goyang-si

Considering Annual Production of Over 200,000 Electric Vehicles

China's BAIC Motor is expected to promote the establishment of an electric vehicle production base if an economic free zone is designated in Goyang City, Gyeonggi Province.

On the 6th, Goyang City announced that it signed a business agreement with the state-owned company BAIC Motor to build an electric vehicle production base worth approximately 4 trillion won.

According to the city, BAIC Motor is expected to consider establishing production and sales facilities covering about 2 million square meters within the economic free zone, with plans to produce more than 200,000 vehicles annually.

The city has pledged to support BAIC Motor’s entry by operating research and development (R&D) centers and talent training institutes, as well as installing employee welfare facilities.

Beijing Automotive Production Base Establishment Business Agreement
[Photo by Goyang City]

BAIC Motor ranked 12th globally and 6th within China in electric vehicle production as of last year.

The city's application for the economic free zone, aimed at fostering cutting-edge industries and creating a self-sufficient city, is expected to be submitted in the first half of this year, with the Ministry of Trade, Industry and Energy deciding on the designation in the second half.

Mayor Lee Dong-hwan stated, "The business agreement to attract BAIC Motor’s production facility investment is expected to have a positive effect on the designation of the economic free zone."

This content was produced with the assistance of AI translation services.