Chinese automaker Joylong Automobile signed an agreement to build an assembly plant in South Korea to produce electric vehicles, the Korea Herald reported.
The company will spend $213 million (1.4 billion yuan) to build a factory with the capacity to produce as many as 20,000 electric vans and 100,000 electric cars annually.
The automaker signed a memorandum of understanding with the Gwangju Metropolitan City government to build the plant, which will open in 2020.
The electric vehicles will be marketed in South Korea and various markets in Southeast Asia.
Joylong, founded in 2007, is headquartered in the east China city of Yangzhou. The company produces vans and five electric car models, and also diesel- and gasoline-powered vehicles.
