BAIC affiliate BJEV to list on Shanghai’s stock exchange
BJEV will be the first state-owned electric car brand to gain a stock market listing, valuing it at around 4.5bn dollars. But first, the EV brand shall be acquired by another BAIC company, the publicly traded Chengdu Qian Feng Electronics to complete a stock sale and asset-swap deal.
As reported, Chinese carmaker BAIC wants to stop selling combustion-powered cars in China by 2025, in Beijing even by 2020. However, that applies solely to the company’s own-branded fuel-powered cars.
In summer 2017, Mercedes-Benz acquired a stake in BAIC’s BJEV, when both companies – Daimler and BAIC – agreed on expanding their cooperation by including hybrid and electric vehicles. Both partners invested also a three-digit million euro sum to build a new battery factory in the People’s Republic. As reported, BAIC and Daimler seek to produce and launch BEVs in China under the EQ brand by 2019. The first model to come up is the EQC.
Another interesting market for BJEV is Africa: In October, the company announced to kick-off production in a facility close to Port Elizabeth, South Africa. The plant is supposed to provide a capacity of up to 50,000 EVs per year by 2022. Most of the cars shall hit the stores in African countries.