Karma Automotive intends to produce electric cars in China, as its owner Wanxiang Group is planning to build an electric vehicle plant in Hangzhou.

Karma Automotive, the successor to vehicle maker Fisker Automotive, is planning to produce as much as 50,000 vehicles locally per year. Wanxiang Group is reportedly poised to allocate 2.5 billion yuan ($375 million) to build the proposed factory.

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Wanxiang, founded by Chinese billionaire Lu Guanqiu, acquired the Fisker out of bankruptcy two years ago for around $149 million and renamed the company Karma, the name of its plug-in sports sedan bought by Hollywood stars including Justin Bieber and Leonardo DiCaprio, Bloomberg reported.

According to Auto Blog, most of the cars to be produced in the new factory will be the two-door Atlantic, which was originally introduced by Fisker in 2012 but was never realized. Of the 50,000 per year capacity, more than three-fourths (39,000) have been earmarked for the Atlantic, which boasts of a top speed of 216 km per hour and can run 100 kph in 6.5 seconds.

Karma also announced on Monday that it has reached an agreement to relaunch its mobile line in 10 dealerships across North America, where it plans to sell its four-door Revero. The markets include Atlanta, Chicago, Detroit, Ft. Worth, Los Angeles, Miami, Montreal, Palm Beach, Philadelphia, and Toronto. It reportedly also plans to establish an Orange Country Brand Experience Center in Southern California.

The rush for electric vehicles has seen over 200 Chinese firms establishing 4,000 new models and releasing different prototypes at motor shows, thanks to the government's vow to boost annual sales of greener vehicles over the next decade, Car Scoops reported.

TagsKarma Automotive, Karma, Wanxiang Group, Fisker Automotive, Atlantic, Revero, cars, automobile industry