Changhong New Energy Technology is expediting construction of its Mianyang-based Li battery project. By now, 90% of phase-one main structure has been completed, and construction of the whole structure is expected to be finished by February 8.

With a total planned investment of RMB1.958 billion (USD0.30 billion) and to be constructed in two phases, the project will produce Li-ion batteries used in electric bicycles, low-speed vehicles, balance vehicles and electric tools. Phase one is expected to go into operation in the latter half of 2021, while phase two will go into construction in 2022 and go into operation in the latter half of 2023. When the two phases reach full-capacity production, they are expected to bring in an annual sales revenue of over RMB3 billion (USD0.46 billion) and annual taxation of nearly RMB200 million (USD30.89 million).