Taiwan's Formosa Automobile Corp (FAC) was reported by industry sources to be close to setting up a 200,000 units-a-year car plant in Ningbo, Zhejiang province.
FAC was set up in 1998 by Wang Yungching, head of Formosa Plastics and reputedly Taiwan's richest man. He has been considering a number of locations including Hangzhou and Shenyang as well as Ningbo. Ningbo has emerged as the favourite because of strong support from the city government, which has offered a site and the necessary approvals. Wang has additional existing investments in the city.