May 11, 2010 (China Knowledge) - Qingdao Aucma Co Ltd, the first listed high-tech company in Shangdong Province, recently announced that it will invest RMB 5 million in Tianjin to set up a joint venture for an electric bicycle plant with subsidiary firm Aucma (Yinan) New Energy Electric Vehicle Co Ltd.
Qingdao Aucma will invest RMB 4.5 million in the 90:10 JV, which will be called Aucma (Tianjin) New Energy Electric Vehicle Co Ltd, and Aucma (Yinan) will invest RMB 0.5 million.
The building of the Tianjin plant is part of Qingdao Aucma's strategy for expansion in the field of electric vehicles and will increase the size of its business.
Qingdao Aucma saw its operating revenue increase 30.82% year on year to RMB 2.64 billion in 2009, and its net profit rose 398% to RMB 52 million, China Knowledge reported earlier.
