China to Manufacture Luxury Passenger VehicleChina has signed contract with Iribus, the world's third largest vehicle manufacturer, to jointly produce luxury vehicles for tour groups.Zhang Lin, head of the Huanghai Group Dandong Manufacturing Factory, told Wednesday that the contracted investment of the joint venture reaches 364 million yuan (about US$ 44 million). About 500 vehicles will be produced each year, mainly for the domestic market, Zhang said. But he said that some of the new vehicles will also be exported to Southeast Asia and Australia. Zhang's factory now enjoys half of the domestic market of passenger vehicle and its products has also been exported to the People's Republic of Korea, Philippines, Russia and Peru. |
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