BAIC Group announces five year plan for NEVs
January 25, 2016 Category Automotive, Weekly
BAIC Group’s electric car making arm, Beijing Electric Vehicle Co, has announced its five year plan for developing new-energy vehicles (NEVs), after topping the domestic NEV market in terms of volume. The electric carmaker, also known as BAIC BJEV, plans to expand its annual production to 800,000 units and achieve a sales volume of 500,000 units by 2020. It also expects to realize CNY60 billion in annual revenue in the next five years. BAIC BJEV expanded its market share in the NEV segment to 25.8% and the brand became the world’s fourth-largest fully electric car manufacturer. BAIC group’s Hong Kong-listed arm, BAIC Motor Corp, filed a report with the stock exchange saying its NEV sales totaled 20,131 units in 2015, a jump of 268.6% from the 5,462 units sold in 2014. Future electric cars are going to be built with technologies from the Mercedes-Benz platform. A total of 331,092 new-energy vehicles sold in China last year, including 146,719 fully electric passenger cars, a surge of around 300% from 2014. The electric car company’s five year plan targets a listing on the stock market, with a market value of CNY100 billion, by 2020, the China Daily reports.
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