Chinese state-owned automaker BAIC has announced that its new-energy vehicle (NEV) subsidiary BAIC BJEV is planning to invest over $1.5bn to produce 500,000 NEV’s by 2022 and will initially target the taxi and ride-sharing market before expanding into the privately-owned vehicle segment. About 1.8m taxis are sold annually in China, and BAIC has said that they will also build 3,000 solar-powered charging stations for the NEV taxis as part of the investment.
BAIC pushing ahead on all EV fronts
BAIC is running on a number of EV tracks. In July, the company announced a Rmb5bn ($750m) investment into Beijing Benz Automotive Company, with Germany’s Daimler-Benz, to produce EVs and car batteries under the Mercedes Benz brand. The BAIC BJEV investment is part of a separate EV venture, and the unit recently raised over Rmb11bn ($1.6bn) of equity funding, valuing the venture at Rmb28bn, and the company reportedly has plans to spin-off BJEV in a separate Hong Kong or mainland China stock market listing.
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