Manufacturing News

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.

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