The Chinese auto maker Anhui Jianghuai Automobile Company has announced that it will team up with Far East Golden Resources Group, to invest about CNY30 billion in a new plant in Hefei.

Jianghuai Auto said the new plant will be engaged in producing clean-technology vehicles, car engines, and batteries. It is expected to make one million cars in the next eight years.

In the first half of this year, Jianghuai Auto sold 243,570 cars, up 67.24% year on year. Its operating income jumped 73.31% year on year to CNY16.16 billion.

Far East Golden Resources Group is a private equity company established by Chinese automobile tycoon Yang Rong who fled the country after being accused of economic crimes.