Wuxi municipal government signed an agreement with development company Nanshan Group on Oct 18, which will see the company build an internet of vehicles town in the Jiangsu province city.

Mayor Wang Quan said that as the key gathering area of China's auto parts industry, Wuxi boasts a sound industrial foundation and he assured that the city will strive to optimize its business environment to provide better services for enterprises investing in Wuxi.

The development company is expected to invest 12 billion yuan ($1.8 billion) in the town which will integrate auto industry resources nationwide to create a top service center for internet of vehicle enterprises.

Centering on the internet of vehicles industry, the town will involve auto finance, auto culture tourism and auto after-sales service, and other auto fields.