(Yicai Global) Aug. 19 -- Zhongshan Broad-Ocean Motor Co. [SHE:002249], a world leader in micro electric motors, said it plans to set up a subsidiary and build a new-energy vehicle park in Wuhan in the central Chinese province of Hubei, with total projected investment of CNY3.8 billion (USD573 million).

The new park will include a NEV operations platform, NEV powertrain manufacturing, servo motor development and production as well as a research institute for NEV and powertrain applications, the Guangdong-based company said in a statement. Annual revenue is forecast at CNY3.8 billion.

Broad-Ocean said it will boost investment in NEV powertrain systems and expand output capacity in line with the actual development of the NEV market.