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On 2 March, CSR Zhuzhou Electric Locomotive Research Institute Co., Ltd (ZELRI), signed " Joint Venture and Cooperative Framework Arrangement of Energy-saving and New Energy Vehicle Project" with Liaoning SG Automotive Group Co., Ltd.(SG Automotive Group) in Zhuzhou Huatian Hotel. They showed their strong wish of creating the new energy bus aircraft carrier and making the biggest new energy bus base in China.
Both parties announced at the respective securities exchange on the same day that they have made cooperative framework arrangement of new energy buses and would make capital increase to Zhuzhou CSR Times Electric Co.,Ltd, including RMB177000,000 Yuan from SG Automotive Group and RMB78000,000 Yuan from (ZELRI). After the capital increment, the name of this company is planed to change into Hunan CSR Huanghai Electric Automobile Co.,Ltd. ZELRI would invest about RMB167000,000 Yuan on Changzhou Huanghai Electric Automobile.Co,Ltd., a subsidiary of (SG Automotive Group).These two mentioned companies will be made sure, based on the final share proportion and due diligence. CSR Huanghai Electric Automobile Co., Ltd will become the development and the industrialization base of new energy vehicles for both parties. It is planned that the construction of Phase Two will speed up based on the Phase One project of CSR Times industrialization base of electric vehicles. Within two years, it will be made as the industrialization base with the annual production of more than 10000 new energy buses and 20000 motor drive systems. In the meantime, SG Automotive Group will put its current producing technology of pickups and axle into CSR Huanghai Electric Automobile.