Group Aims to Develop Electric Cars for Singapore

Maytown Electric Vehicle will start by targeting the mass market with electric cars priced at between 200,000 and 300,000 Chinese yuan (between 31,746 U.S. dollars and 47,619 U.S. dollars).

Published: 16-Jul-2012

A Singapore-based investment holding firm led by a Chinese entrepreneur announced an ambitious plan on Saturday to develop and market electric vehicles from the city state.

Lihe Investment Holdings and its partners from China and the United States said they expect to invest some 300 million U.S. dollars in the first three years of the Mayton Electric Vehicle project. The total investment is expected to reach 900 million over five years.

Lihe Investment Holdings, which was established by Chinese entrepreneur Yan Wei and his partners in Singapore in November last year, will have a 51 percent stake in the joint venture firm Mayton Automotive, Lihe's chief executive officer Wan Dean said at the brand's identity launch in Singapore on Saturday.



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