Lifan to invest 3 billion yuan to build EVs and battery swap stations
Chongqing Lifan Industry Co., a private Chinese auto and motorcycle maker, will invest 3 billion yuan ($484 million) to develop electric vehicles and battery swap stations for the EVs.
The company says it plans to raise capital via the Shanghai stock exchange, where it is listed.
According to Lifan, the vehicles will feature Internet connectivity. The company did not release further details about the vehicles or its plans to raise capital.
Last September, Lifan launched sales of its first electric vehicle, the Lifan 320E, which is a variant of its gasoline-fueled compact sedan, the Lifan 320. The company also has developed electric versions of its Lifan 330, 520 and 620 compact cars.
Last year, Lifan disclosed plans to build a 2.2 billion yuan EV assembly plant in Jiyuan of north China's Henan province. That facility initially will build up to 10,000 EVs a year.
Lifan, headquartered in the southwest China municipality of Chongqing, sold 135,468 gasoline-powered cars last year, up 19 percent. The company did not release EV sales data.
According to Lifan, the vehicles will feature Internet connectivity. The company did not release further details about the vehicles or its plans to raise capital.
Last September, Lifan launched sales of its first electric vehicle, the Lifan 320E, which is a variant of its gasoline-fueled compact sedan, the Lifan 320. The company also has developed electric versions of its Lifan 330, 520 and 620 compact cars.
Last year, Lifan disclosed plans to build a 2.2 billion yuan EV assembly plant in Jiyuan of north China's Henan province. That facility initially will build up to 10,000 EVs a year.
Lifan, headquartered in the southwest China municipality of Chongqing, sold 135,468 gasoline-powered cars last year, up 19 percent. The company did not release EV sales data.
