DONGYING, China—Sailun and Chinese auto maker FAW Group jointly broke ground on an auto proving ground in Dongying on Nov. 2.
The project, named East China (Dongying) Intelligent Connected Vehicle Proving Ground, has a $396.2 million investment earmarked and is expected to come online in early 2023.
The site will contain facilities such as testing labs, comprehensive performance testing area and intelligent connection testing area, according to FAW's website.
The project will be managed by joint venture 42.5 percent owned by Sailun and 57.5 percent owned by FAW, Sailun said in a Sept. 27 statement.
The joint venture's business scope covers auto tire testing, testing and other technical services for automotive/motorcycle and components, the development and testing of auto pilot technology and the organization of sports events, according to the companies.
Over the first nine months of 2019 Sailun recorded $1.55 billion revenue, up by 10 percent from the same period in 2018. Its net profit jumped 84 percent year on year to $134.3 million.