CHONGQING, Aug. 24 (Xinhua) -- Changan Automobile Co. Ltd. Friday announced plans to invest 10.2 billion yuan (about 1.49 billion U.S. dollars) on a new-energy vehicle industrial park in the southwest Chinese city of Chongqing.

At the ongoing first Smart China Expo, Changan Automobile said the park in the Liangjiang New Area would be home to a complete industrial chain for R&D, production and sales.

Changan's own auto parts plant, its new-energy vehicle joint venture and other suppliers will be established there.

Upon completion, the park is expected to churn out 500,000 sets of core new-energy vehicle parts, with an output value of over 40 billion yuan annually.

Changan Automobile has announced a shift to new-energy vehicles for its future growth. It announced in October 2017 that it would stop selling traditional petrol cars in 2025. Last year, its new-energy vehicle sales soared 180 percent to 61,000 units.