Beijing WKW joins the new energy car trend with $2 billion

Beijing WKW Automotive Parts plans to invest about 16 billion yuan ($2.53 billion – Rs 16,436 crore) in a new energy car project, to cash in on the increasing popularity of environmentally friendly vehicles as part of China's efforts to cut pollution.

According to Nasdaq, Beijing WKW aims to set up a production base in the port city of Qinhuangdao in China’s northeastern province of Hebei. The company claims that the company will have an annual capacity of 300,000 new energy cars, which include electric cars. The plan, however, is still pending for approval from the shareholders, even though the board members have given their approval.

Beijing WKW Automotive Parts Company manufactures and sells passenger car interior and exterior trim systems in China. Its products include side beam trims, outside the door, trims, skylight boxes, angle window trims, B-pillar and C-pillar trims, luggage racks, top cover flow bars, aluminium interior trims, threshold bars, anti-rubbing products, front wind window trims, rear cover trims, and door lower parts. The company is based in Beijing, China

New energy vehicles are gaining traction in China, the world’s largest auto market.