The district government of Hannan in Wuhan and Wuhan-based Grand China Electric Vehicles have signed an agreement to build a production base for electric vehicles in the city, the Wall Street Journal reported, citing state media. The plan calls for investment of US$443 million over two years toward the production base, which will turn out 3,000 electric vehicles annually. It is also expected to produce 3,000 packages of "core auto parts." Together, annual sales of full cars and auto parts are expected to reach US$1.5 billion. According to state media reports, Grand China Electric Vehicles has developed its own technology for the production of electric vehicles.