Taiwan’s largest private enterprise, Formosa Plastics, plans to manufacture auto batteries in Chongqing, according to the municipal Foreign Trade and Economic Relations Commission. Senior management from the company have recently visited Chongqing Energy Investment Group to discuss the establishment of a joint venture auto battery plant that could involve combined investment of more than Rmb1bn, according to the Chongqing company.

Formosa Plastics is confident about the future of new energy car production in Chongqing, predicting that annual output will reach 500,000 in 2015.