JAC to spend 4.7 billion yuan on EV development
Jianghuai Automobile Co. plans to spend 4.7 billion yuan ($758 million) to develop electric cars, plug-in hybrids and related components.
The outlay includes 2.4 billion yuan to develop vehicles, batteries and electric motors, the company said.
The automaker said it aims to produce 100,000 vehicles, 150,000 battery packs and 150,000 electric motors a year.
The company will spend the remaining 2.3 billion yuan to develop and produce an electric-powered truck. JAC says it hopes to produce 100,000 electric trucks annually.
The company plans to raise the funds by issuing additional stock on the Shanghai Stock Exchange. JAC did not provide a timeline for completing the projects.
JAC, headquartered in Hefei in east China's Anhui province, is a major light-vehicle manufacturer in China.
In the first six months, the company sold 292,290 sedans, SUVs, MPVs, light trucks and buses, an increase of 20 percent from the same period last year. The first-half sales tally includes 2,692 electric sedans.
Two other Chinese automakers -- Great Wall Motor Co. and Chongqing Lifan Industry Group Co. -- also have announced plans to develop electric vehicles.
The automaker said it aims to produce 100,000 vehicles, 150,000 battery packs and 150,000 electric motors a year.
The company will spend the remaining 2.3 billion yuan to develop and produce an electric-powered truck. JAC says it hopes to produce 100,000 electric trucks annually.
The company plans to raise the funds by issuing additional stock on the Shanghai Stock Exchange. JAC did not provide a timeline for completing the projects.
JAC, headquartered in Hefei in east China's Anhui province, is a major light-vehicle manufacturer in China.
In the first six months, the company sold 292,290 sedans, SUVs, MPVs, light trucks and buses, an increase of 20 percent from the same period last year. The first-half sales tally includes 2,692 electric sedans.
Two other Chinese automakers -- Great Wall Motor Co. and Chongqing Lifan Industry Group Co. -- also have announced plans to develop electric vehicles.
