Shanxi to invest in rare earth permanent magnet materials and Li-ion batteries

China working on the development of core technologies and key materials as government and EV enterprises increase investments and incentives

Chinese state-owned Assets Investing Holding Group, based in Shanxi province, plans to invest over 5 billion yuan (USD817 million) in a scientific and industrial park in Xuqing County, according to a company press release. The new investment will focus on six major projects, including the development of rare earth permanent magnet materials, involving an investment of CNY1.2 billion, and lithium-ion (Li-ion) batteries, requiring an investment of CNY170 million. The construction of the new base, which is expected to cover a total area of 0.67 square kilometres, will be completed within three years.