Tencent’s electric car unit to partner in 13.3bn yuan venture to build green vehicles in Jiangxi province

The electric car venture backed by Chinese internet giant Tencent Holdings will invest 13.3 billion yuan to build a production plant in southeastern China's Jiangxi province, betting big on the increasing demand for green cars in China.

The subsidiary of Harmony Futeng, an electric car venture formed by Tencent, Taiwan’s Foxconn Technology Group, and luxury car dealer China Harmony Auto Holding, have signed an agreement with the Jiangxi government to build a production plant, the Jiangxi Daily reported on Monday.

The plant, located in Shangrao city, will have an annual capacity of 300,000 vehicles comprising pure-electric sedans, sports utility vehicles, and multi-purpose vehicles and batteries, the report said, without providing a time frame for completion of the plant.

Jiangxi province’s vice governor Mao Weiming was quoted as saying that he hoped the plant can go into operation soon.

Last year Harmony Futeng set up Future Mobility Corp, an electric car start-up, which reflected the first project by the Tencent subsidiary.