Coscharis Motors is set to establish an assembly plant in Lagos for the production of over 14,000 vehicles every year, according to a report by Ventures Africa.

The company has concluded an agreement with Chinese auto firm, DongFeng Design Institute Company Limited, to work on the management and design of the assembly plant, while JiangSu Yoylong Automobile will serve as the original equipment manufacturer and technical partner, according to the report.

The auto policy, which was rolled out by the Federal Government on October 3, 2013, provided the platform to reopen the discussion for the execution of the project and negotiations for the purchase of 14 hectares of land where the assembly plant would be sited, according to the report..

Cocharis is also the sole distributor of BMW in the country.