Karma Owner Plans $375 Million China Electric Car Factory
- Plans call for 50,000 car per year factory in Hangzhou, China
- Wanxiang Group restarted bankrupt Fisker as Karma Automotive
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The owner of Karma Automotive is planning to produce electric cars in China, becoming the latest company to flag ambitions to build new-energy vehicles in the world’s largest auto market.
Wanxiang Group, founded by Chinese billionaire Lu Guanqiu, plans to build an electric vehicle plant in Hangzhou, China, according to the company’s application for an environmental impact review posted on its website. The investment value for the proposed project will be 2.5 billion yuan ($375 million) and the factory will have capacity to manufacture 50,000 cars a year.