Beijing Auto launches EV business unit
Beijing Automotive Industry Holding Corp. launched a business unit Friday to expand sales of electric vehicles and plug-in hybrids.
The new unit, with registered capital of 2 billion yuan ($323 million), is 60 percent owned by BAIC. The state-owned automaker said other shareholders include the Beijing municipal government and Beijing Electronics Holding Co., a state-owned company in Beijing.
BAIC will transfer all of its EVs and EV technology to the new company. Those assets include an electric car and a plug-in hybrid that are based on the platform of the BAIC E150 small car.
The new venture also will get an electric car built on the platform of BAIC's Senov mid-sized sedan and an EV based on its Weiwang 306 microvan.
Over the next five years, BAIC says the new company will invest 5 billion yuan to expand production capacity and support r&d.
To date, BAIC has sold more than 3,000 EVs, mainly to government agencies and Beijing's local taxi company.
BAIC, a state-owned company headquartered in Beijing, has joint ventures with Hyundai Motor Co. and Daimler AG.
BAIC will transfer all of its EVs and EV technology to the new company. Those assets include an electric car and a plug-in hybrid that are based on the platform of the BAIC E150 small car.
The new venture also will get an electric car built on the platform of BAIC's Senov mid-sized sedan and an EV based on its Weiwang 306 microvan.
Over the next five years, BAIC says the new company will invest 5 billion yuan to expand production capacity and support r&d.
To date, BAIC has sold more than 3,000 EVs, mainly to government agencies and Beijing's local taxi company.
BAIC, a state-owned company headquartered in Beijing, has joint ventures with Hyundai Motor Co. and Daimler AG.
