Jiading's Anting town has brought in a total of 31 automobile sales companies in 2016, during which 28,910 cars have been sold with the sales revenue reaching 5.25 billion yuan, a year-on-year increase of 15.8 percent. Shanghai's Jiading district is working on promoting innovation in technology and business model of its auto industry. [Photo/jiading.gov.cn]

The auto industry, one of the pillar industries in Shanghai's Jiading district, is focused on promoting innovation in its technology and business model, furthering the reach of the industry that has typically focused on auto manufacturing and auto parts production, local media reported on March 24.

In addition to strengthening traditional auto technology, new technologies related to new energy and internet-connected smart vehicles will be the focus of the industry's future development.

In March, the Zhenjiang, Jiangsu province-based eTrust Power, a lithium-ion battery manufacturer, invested 50 million yuan ($7.3 million) in Jiading's Anting town and built its regional R&D center. When its 5,000 square meter office building is opened, more than 200 researchers from China and abroad will work there.

Many top energy and internet-connected smart vehicle companies, including NextEV, Haval, LeSEE, and Shanghai Porsche Engineering R&D Co, have flocked to Jiading on account of its amiable facilities and supportive government policies.

Additionally, the district is also aimed at new businesses such as auto finance and service trade companies in an attempt to accelerate the development of the auto industry.

In further news, a leading auto finance website daikuan.com, located in Anting town, struck a strategic cooperation deal with Zhongtai Securities on March 7. The deal involved a variety of fundraising projects such as asset-backed securitization, bonds, and structured finance.

More than 17 auto finance projects have been launched in Jiading to boost the growth of auto finance sector.