Taotao Auto Industry (301345.SZ) plans to invest no more than 600 million yuan to build an industrialization project with an annual output of 10,000 golf cars and key vehicle components

Zhitong Finance App News, Taotao Auto Industry (301345.SZ) announced that the board of directors of the company reviewed and passed the “Proposal on Investment and Construction of New Projects by Wholly-owned Subsidiaries”, agreeing that Yongkang Taotao Technology Co., Ltd. (“Taotao Technology”), a wholly-owned subsidiary of the company, intends to use no more than RMB 600 million of its own capital or self-financing to invest in the construction of a new project “industrialization project with an annual output of 10,000 golf cars and key vehicle components” in Yongkang, Zhejiang. The total land area of the project is about 80 acres, and the total planned construction area is about 130,000 square meters. It mainly constructs production workshops and supporting facilities for electric golf carts and spare parts as well as key components.

The project will help promote the gradual implementation of the company's medium- to long-term strategic plans, further expand market share, enhance the company's overall competitive strength, and have a positive effect on the continuous development of the company's business.