4 Nov 2019
Project has €357 million investment earmarked and is expected to come on stream in early 2023.
Dongying, Shandong – Sailun and Chinese auto maker FAW Group jointly broke ground on an auto proving ground in Dongying, Shandong on 2 November, the tire maker told ERJ.
The project, named East China (Dongying) Intelligent Connected Vehicle Proving Ground, has €357 million (2.8 billion yuan) investment earmarked and is expected to come on stream in early 2023.
With over 6 million sqm total area, the site contains facilities such as testing labs, comprehensive performance testing area and intelligent connection testing area, said FAW’s website.
The project will be managed by joint venture 42.5% owned by Sailun and 57.5% owned by FAW, said an announcement by Sailun on 27 September.
The joint venture’s business scope covers auto tire testing, testing and other technical services for automotive/motorcycle and components, the development and testing of auto pilot technology and the organization of sports events, said the announcement.
Over the first nine months of 2019 Sailun recorded €1.4 billion revenue, up by 10% from the same period in 2018. Its net profit jumped 84% year on year to €121 million.
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