SEOUL, Aug. 20 (Xinhua) -- South Korea's electric car maker CT& T Corp. said Friday that it initialed a deal with a Chinese maker of vehicle air conditioners to build an electric-car plant in China.
Reaching a deal with Kingleo Electric Appliances Co., based in the eastern coastal province of Zhejiang, CT&T plans to invest a total of 80 billion won (68 million U.S. dollars) on plant construction, according to the company.
The plant is to be equipped with a production capacity of 60, 000 vehicles a year, the South Korean firm said in a statement.
The move comes as part of the company's moves to increase its market share in the country, a CT&T official was quoted as saying by Yonhap News Agency.
Earlier in April, CT&T also settled a preliminary deal with Beijing Automotive Group of China to build an electric car plant in Beijing.