Jianghuai Auto plans million new energy vehicle capacity

Jianghuai Automobile (600418) semi-annual report shows that the first half of the company to achieve ownership of the listed company's shareholders net profit of 489 million yuan, a significant increase of 328.42%, the basic earnings per share of 0.38 yuan.　　Only 0.09 yuan in the same period last year. The company continues to disclose the details of cooperation and investment in new energy vehicles. Company and Tianjin on the right path of the joint venture will be settled in Hefei, the project total investment of about 30 billion yuan.　　Capacity planning objectives for the next 8 years to achieve the entire vehicle 1 million units, powertrain 1 million sets and 12 million kwh lithium-ion power battery. New energy vehicle capacity planning million Taiwan August 8, 2010, the company and Tianjin on the right to sign the framework agreement, and the joint venture and the Hefei Economic and Technological Development Zone Management Committee signed a tripartite framework agreement. According to the agreement, the joint venture company name is "Anhui Jianghuai Road Automobile Co., Ltd.", located in Hefei, Anhui Province, the operating period is tentatively 25 years.　　Business scope for the development, design, production, sales of new energy and energy-saving and environmental protection automotive powertrain and other auto parts. The announcement shows that the company and Tianjin in the right direction are cash contributions, the first phase of the total investment must meet the relevant national policy and regulation requirements, registered capital of 700 million yuan, the total investment is not less than 2 billion yuan, the proportion of equity is 50:50,　　Each of the two sides to contribute 350 million yuan, the joint venture company's late financing program by the two sides to consult separately.　　The total investment of the project is about 30 billion yuan, the capacity planning goal for the next 8 years to achieve the entire vehicle 1 million units, powertrain 1 million sets and 12 million kwh lithium-ion power battery.　　The project covers an area of about 10-12 square kilometers, located in Hefei through the open zone, Hefei promised to follow the project implementation plan and progress, to ensure that the land supply. It is noteworthy that, according to the agreement arrangement, the JV company in principle by the Jianghuai automobile product sales statistics, the financial consolidated statements in accordance with the needs of the two sides after consultation in the joint Venture company charter.　　Both sides pledged that as the main body of the production and sale of new energy and energy-saving and environment-friendly vehicles, the joint venture company will use the trademarks of the Industrial property related to the new energy and energy saving and environmental protection vehicles for free, and the mature commercialization patent and know-how shall be paid by the JV Company at fair and reasonable price.　　In terms of personnel, the Board consists of 9 directors, each of the two parties appointed 4, and a third party authorized by both sides to communicate with the local government; the first chairman of the joint venture company was appointed by Jianghuai automobile, and the general manager was from Tianjin on the right; thereafter, the appointment of the Chairman and general manager was rotated in principle.　　The first half of the sales growth of 67% semi-annual report, 2010 1-June, the company sales of various types of cars and car chassis 243,570, an increase of 67.24% per cent, operating income of 16.16 billion yuan, the year-on-year increase of 73.31%. In July this year, the company's car production and sales continue to maintain growth, although the car production and marketing micro-drop, but the overall sales reached 30139 units, an increase of 17.88%, an increase of 3.5% of the industry. At the same time as income growth, the company's profit level increased significantly, the first half to achieve net profit of 489 million yuan, an increase of 328.42%.　　However, due to the company significantly reduce the reason for discounting bills, the company's operating activities generated a net cash flow fell 91.03%, only 383 million yuan. The company said that the second half will launch Yue Yue sedan, Rui Feng second generation and high-end light card N721 products, comprehensive improvement of product type spectrum; in new product development, focusing on new energy vehicles, high-performance engines and automatic transmission and other three key projects, in the car core parts technology and quality breakthrough,　　At the same time, the company will further enhance the car and light truck assembly production of the proportion of the engine, improve product profitability. It is noteworthy that, July 14, 2010, the company intends to issue the equity and bond separation transactions of the convertible bond scheme expires, the company said, according to the actual situation, will determine the follow-up related work.