NANJING, Feb. 21 (Xinhua) -- Chinese automaker Great Wall Motor signed an agreement with the government of Taizhou, east China's Jiangsu Province Wednesday to set up a new automotive manufacturing base.

With an initial investment of 8 billion yuan (about 1.18 billion U.S. dollars), the automobile project, located in Gaogang District, includes the production of vehicles, mainly SUVs, as well as key parts and components like interiors and chassis.

The company said it would also develop auto finance, auto insurance, and other car-related businesses in the city.

Wei Jianjun, chairman of Great Wall Motor, said construction of the project will start soon, without giving a detailed timetable.

Upon completion of the project, Taizhou will become Great Wall Motor's eighth production base nationwide.

The Hebei-based company is considered China's largest pick-up truck producer, which also owns several SUV and car brands like Haval, Great Wall, WEY and ORA.

The company sold 1.05 million vehicles in 2018 and aims to sell 1.2 million this year.