A new energy vehicle project in the Southern Taihu Lake New District, Huzhou, East China's Zhejiang province. [Photo/thepaper.cn]

The output value of the industry of new energy vehicles and their key parts in the Southern Taihu Lake New District in Huzhou amounted to 13.9 billion yuan ($1.99 billion) in the first 11 months of this year, up 60.8 percent year-on-year.

The district is currently home to more than 20 companies involved in the segment of new energy vehicles and their key parts, and has a complete industrial chain covering vehicle production (modification), battery and battery materials, and related key parts production.

Among these companies is Farizon Auto, Geely's new energy commercial vehicle brand. The project's establishment has promoted the development of an industrial cluster for new energy vehicles in the district. The company has formed partnerships with power suppliers including Tianneng and Microvast Power Systems.