A battery electric vehicle production base in Ningbo's Hangzhou Bay New District funded by Zhejiang Geely Holding Group is set to be put into use soon. [Photo/cnnb.com.cn]

A battery electric vehicle production base in Ningbo funded by Zhejiang Geely Holding Group will be put into use soon, according to local media reports.

Facilities were recently installed in the plant following the completion of the main structure.

With an investment of 14.5 billion yuan ($2.16 billion), the plant, situated in Hangzhou Bay New District is expected to have an annual capacity of 300,000 battery electric vehicles, worth a total of 60 billion yuan.

A complete automobile industrial chain is taking shape in Hangzhou Bay New District.

The district now houses two car manufacturers--Geely and Shanghai Volkswagen--and more than 100 auto parts manufacturing companies.

It is also home to the Chinese Automotive Technology & Research Centre and the Automobile School of Ningbo University of Technology.

Currently, the district has an annual capacity of 1.6 million units of vehicles valued at 100 billion yuan, accounting for 20 percent of the total in Zhejiang.

According to the strategic plan for automobile industry development of Hangzhou Bay New District released last year, over the next eight years, the district will invest 50 billion yuan to build itself into a national auto manufacturing hub.

By 2025, it aims to increase its automobile manufacturing capacity to two million units, a value of 400 billion yuan, the document said.