The Industrial Investment Fund of the Wuhan Economic & Technological Development Zone (Hannan) recently signed a cooperation agreement with a group of seven leading investment companies in the automobile industry.
According to the agreement, the WHDZ will receive an investment of 60 billion yuan ($9.12 billion) from Goldstone Investment, GAC Capital and five other investors.
Wuhan boasts five whole-vehicle makers and a production chain worth 100 billion yuan ($15.19 billion).
The city is marching toward next-generation automobile manufacturing from the traditional model, according to an industrial insider.
A group of promising car makers and enterprises engaged in automobile research and development are emerging in Wuhan.
Yang Xingtao, investment director of Goldstone, said the new energy vehicle is developing faster than expected and the automobile industry will have to embrace "transformative" changes in the next ten years.
As the "auto city" of China, the WHDZ is home to Dongfeng Motor's new energy vehicle demonstration base and Troowin Power, as well as some new energy vehicle research institutes.
Earlier this month, a new energy vehicle testing center of the China Automotive Technology & Research Center began construction in Wuhan. It will provide new energy vehicles and auto part manufacturers with all-round technical support, such as experiment, authentication and testing.
