BAIC, Hyundai seek 12.8 billion yuan in loans to expand production
Beijing Automobile Industry Holding Co.'s joint venture with Daimler AG is seeking 12.8 billion ($2 billion) in loans from a group of banks for new production lines and an engine factory.
Beijing Auto Chairman Xu Heyi confirmed the news in an interview in the Chinese port city of Dalian, where he's attending the World Economic Forum meetings.
Xu also confirmed that Beijing Auto is in talks with partner Hyundai Motor Co. to create a China-only brand to produce electric cars. Earlier this month, Chinese media had reported that the two partners might do so.
The first electric vehicle may be introduced by year end, Xu said.
Daimler AG and Nissan Motor Co. already have announced plans to introduce EVs in China. The government aims to have 1 million electric-powered vehicles on the road by 2015, according to the Ministry of Science.
