Chinese manufacturer Changan signed agreements with two banks to make sure it does not run out of money during its upcoming EV and PHEV production ramp-up. Until 2025, Changan plans to invest 100bn yuan (approximately 12bn euros) into its electrification strategy.
As reported, the Chinese company intends to transform into a pure EV maker within the next eight years. In order to do so, its engineers are creating three NEV platforms that shall enable to launch 21 all-electric models and 12 PHEV models until 2025. The fresh money is supposed to be invested in R&D, in battery production and in the installation of charging infrastructure.
Within the first nine months of the year, Changan sold approximately 35,000 EVs – that are 150 percent more compared to the previous year. However, the company anticipated to sell a total of 50,000 EVs in 2017 – so there is still a bit work to do.