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BEIJING — The Wuhan Economic Development Investment Co. plans to invest 50 billion yuan ($7.30 billion) to build an innovative automobile corridor in the city that will focus on new energy vehicles, automotive electronics, automotive chips and the automotive aftermarket.
In a statement on Thursday, the state-owned company said in cooperation with several major banks it aims to create an industrial hub, or “China Auto Valley,” that will have industrial parks and high-tech enterprises.
Wuhan, the biggest city in central China, is the second-largest auto production center in the country behind Shanghai. Dongfeng Motor Group Co., a major state-owned automaker, is based in the city.
In addition, private Chinese automaker Zhejiang Geely Holding Group Co., Nissan Motor Co., Honda Motor Co., General Motors and Stellantis operate major vehicle assembly plants in the city.