Haima Investment Group Shareholding Co., parent company of FAW Haima Automobile Co., will build a new sedan production base in Zhengzhou, National Business Daily reported today.
The Company is also set to begin construction of its third plant in Hainan and to establish its financial services company.

The Haima Zhengzhou sedan facility, aiming at 150,000 annual capacity, will be completed within two years with an investment of 1.41286 billion yuan (about $206 million). The facility will operate in two shifts, mainly producing low-emission economical cars.

Haima Investment Group said the company will boost the its total capacity to extend its market share to meet the emerging demand for cars in the domestic market.

Upon completion of the third plant, Haima’s annual capacity will increase to 300,000 units from 150,000 units. The third plant will be focused on making economical cars.