By Li Panpan

An RMB 10 billion ($1.49 billion) industry fund called “The Yangtze River Car Valley Automobile Industry Chain Fund” was launched in a ceremony held on June 28 in Wuhan of central China’s Hubei Province to develop new energy vehicles and intelligent connected vehicles, promoting industry upgrade in the province.

Changjiang River Industrial Investment Group(长江产业集团) leads the fund with Wuhan Economic Development Zone and several other automobile companies.

The June 28 ceremony was part of the 2022 China Automotive Supply Chain Conference and the first China New Energy Intelligent Connected Vehicle Ecosystem Conference.

Founded in January 2022 by three major investment companies in Hubei, the Yangtze River Industrial Investment Group invests in IT, new energy, and auto parts. It also signed an agreement with Wuhan Economic and Technological Development Zone to develop automobile manufacturing, electronic information, intelligent equipment, and digital economy on June 28.

At the ceremony, Breton, a company focusing on R&D and manufacturing new energy-heavy trucks, driverless vehicles, and intelligent charging, signed an agreement with the local government to build its global headquarters in Wuhan with a committed total investment of RMB10 billion ($1.49 billion).

JEVE, a solution provider of power batteries and energy storage, also signed an agreement to build a 30GWh flagship factory for new energy batteries in Wuhan.