BEIJING: Japan’s Honda Motor Co. has begun construction of a new electric vehicle plant in Guangzhou in Guangdong Province, southern China, aiming to start operations in 2024.
GAC Honda Automobile Co., a joint venture between Honda and major Chinese automaker Guangzhou Automobile Group Co., will spend 3.49 billion yuan, or some 70 billion yen, to build the plant in the Guangzhou Economic and Technological Development District, Honda said Monday.
The plant will have an annual production capacity of 120,000 units.
Also in China, a joint venture between Honda and a different Chinese automaker is planning to launch operations of an electric vehicle plant in 2024 as well.
Once the two electric vehicle plants start operating, Honda’s annual production capacity of four-wheel vehicles in China is expected to come to 1.73 million units, according to the Japanese automaker.