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. Last Updated: 07/27/2016

Formosa Plans Cars

TAIPEI, Taiwan -- Formosa Plastics Group, Taiwan's largest business conglomerate, said Thursday it will invest $2 billion to make electric cars and auto parts primarily for exports.

Group chairman Wang Yung-ching said the chemical giant hopes to capitalize on lower tariffs levied on Taiwanese cars following Taiwan's admission by the World Trade Organization, which is expected late this year.

The group chose to make electric cars because Taiwan's conventional car production has fallen behind other countries too much for it to catch up, Wang said.