Hechi holds a groundbreaking ceremony of the aluminum alloy lightweight mini-car project in Yizhou district. [Photo/Hechi Daily]

The groundbreaking ceremony of the aluminum alloy lightweight mini-car project, which is designed to have an annual production of 300,000 cars, was held in Luodong Industrial Zone, Yizhou district, Hechi on July 19.

The project will be built around the three major industrial clusters of "lightweight, new energy, and smart interconnection," and is committed to building a national aluminum alloy lightweight mini-car technology demonstration industrial park.

Covering an area of 2,000 mu (133.33 hectares), the project has a planned investment of 5 billion yuan ($715.05 million) and an annual production capacity of 500,000 vehicles. It will be constructed in two phases. The first phase has a total investment of 2 billion yuan, covers an area of 1,200 mu, and has a designed annual production capacity of 300,000 vehicles. It is expected that the first phase will have an annual operating income of 12 billion yuan, a total annual profit of 1.2 billion yuan, as well as an annual tax?revenue of about 300 million yuan.

The introduction of the project effectively fills the gaps in the key investment areas of machinery manufacturing and automobile production in Yizhou district and Hechi.