The Chinese EV industry is set to receive another impulse with Karma Automotive revealing plans to build a new production facility near the city of Hangzhou. Karma Automotive is a brand that falls under the umbrella of Wanxiang Group founded by Chinese billionaire Lu Guanqiu, who bought the bankrupt Fisker Automotive a few years back.
The investment value for the proposed project will be 2.5 billion Yuan ($375 million) and the new production plant should have the capacity to produce 50,000 cars a year once it’s up and running. The Wanxiang Group is planning on continuing building cars based on the Fisker Karma platform, the hybrid sports car that was moderately successful but eventually had to file for Chapter 11 bankruptcy after having failed to repay $139 million in U.S. government loans.
Part of the company’s future plans are extended range versions of the Karma and Atlantic models, with 39,000 of the 50,000 plant capacity being reserved for the two-door Atlantic model, which has a top speed of 134 mph.