Fiat, the Italian automaker which owns a 20% controlling interest in the new Chrysler, announced an equal partnership, joint venture with Chinese automaker Guangzhou Automobile Group. The companies announced that they would build a new 173 acre plant in Hunan province with production scheduled to begin at the end of 2011. The plant will cost more than $550 million and will have the ability to manufacture 140,000 cars and 220,000 engines per year after the first phase is completed. Upon completion of all phases production would eventually increase to 250,000 cars and 300,000 fuel-efficient, low emission engines per year. Guangzhou Automobile Group which already has similar joint ventures with Honda and Toyota, stated that it had delivered more than 530,000 vehicles last year.