GAC Toyota's NEV expansion project underway in Nansha

The groundbreaking ceremony of the second-phase project for the expansion of GAC Toyota's NEV production capacity. [Photo/gznsnews.com.cn]

The groundbreaking ceremony of the second-phase project for the expansion of GAC Toyota's new energy vehicle (NEV) production capacity was held in Guangzhou's Nansha district on Aug 29.

Covering a total area of 740,000 square meters, the project is expected to achieve an annual output value of more than 50 billion yuan ($7.3 billion) after reaching design capacity, greatly improving GAC Toyota's production capacity, as well as driving the development of over 30 peripheral accessory parts manufacturers, with an overall industrial output of more than 100 billion yuan.

The sales volume of GAC's NEVs amounted to 25,440 from January to July, increasing by 78 percent year-on-year.

Guangzhou's automobile industry reached an overall output value of 546.1 billion yuan in 2019, accounting for nearly 70 percent of Guangdong province's total, while the number of automobiles produced reached 2.92 million, accounting for over 90 percent of Guangdong's total.

A document on accelerating the development of Guangzhou's automobile industry was released during a press conference in late August, offering all-around support for the development of traditional vehicles, NEVs, and smart internet connected vehicles.

The design sketch of GAC Toyota's project. [Photo/gznsnews.com.cn]