South Korean EV manufacturer to build new EV plant in China

South Korean electric vehicle (EV) manufacturer CT&T announced that it has signed a preliminary deal with China-based Deqing King-Leo Electric Appliance Co. Ltd. to build an EV plant in China, reports Yonhap English News. CT&T said it will invest a total of 80 billion won (US$67.08 million) in the plant with a production capacity of 60,000 units per annum. An unnamed senior official at CT&T said that, “We will work to begin producing and selling electric cars in China to increase our market share there as soon as possible.” (August 20, 2010)