recently, we received news that both shareholders of gac toyota will invest 15 billion yuan for capacity expansion, and the annual production capacity will increase from the current 600,000 vehicles to 1 million vehicles. not only that, the additional annual production capacity of 400,000 vehicles will be used for the production of new energy vehicles. the first phase of the project (the fourth production line) will be completed in september 2020 and commenced production in march 2021. three pure electric vehicles are planned in advance. models: c-hr ev, pure electric suv and pure electric mpv; the second phase project is expected to be completed in 2022.
at present, gac toyota has three production lines, of which the production capacity of the first and second production lines can reach 400,000 vehicles per year, and the third production line has been put into production in early 2018. the annual production capacity can be between 100,000 and 200,000 vehicles according to market conditions. adjustment, the total production capacity of the three production lines is 600,000 vehicles per year. according to public information, gac toyota ’s fourth production line will be completed in september 2020 and put into production in march 2021. it plans to produce three pure electric vehicles, including c-hr ev, pure electric suv, and pure electric mpv.
on september 26, 2019, gac group and toyota signed a strategic cooperation framework agreement, and the two parties will deepen cooperation in the field of electric vehicles. specifically, the two parties will cooperate to launch hybrid vehicles, plug-in hybrids, cheap pure electric vehicles, and hydrogen fuel cell vehicles. and this time gac toyota invested 15 billion to expand production capacity, also marks its further electrification strategy.