The new energy project of Geely Holding Group has been formally launched in Xiangtan, Hunan Province in recent days, sources from Xiangtan Economic and Technological Development Zone disclosed. Once putting into production, the project can bring Geely with an annual output of 60,000 units and sales revenue of 2.7 billion yuan. 

It is said that Geely Holding Group will invest 1.2 billion yuan to the Xiangtan plant for its technological transformation and upgrading to have it specialize in the new energy cars including  premium and high-performance electrical vehicles, methanol- and ethanol-powered vehicles. It will also construct in the plant a methanol fuel vehicle industrialization base for mass production of methanol fuel vehicles. In this respect, methanol fuel taxis will be first put into use for the demonstration and application of this new energy.

According to responsible person from Xiangtan plant of Geely, the formal launch of the new energy project in Xiangtan not only conforms to Xiangtan's efforts to construct a national new-energy model city and "Two Oriented Society" in CZT (Changsha-Zhuzhou-Xiangtan) city cluster, but also is in line with the development of national strategic emerging industries.