BAIC Predicts 35-Fold Surge in Electric Car Sales on State Push
- Automaker may choose Shanghai or Shenzhen for unit's IPO
- BAIC targeting to more than double EV sales this year
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BAIC Group, the automaker owned by the Beijing municipal government, may boost its electric-vehicle sales by as much as 35-fold by 2020, helped by government incentives and investments in charging infrastructure, according to a senior executive.
The automaker’s EV sales may more than double to 55,000 units this year from 20,000 last year, and reach as many as 700,000 units annually by 2020, according to Chen Ping, chief engineer of Beijing Electric Vehicle Co., a majority-owned BAIC unit. The automaker may seek an initial public offering for the unit in two years, either in Shanghai or Shenzhen, he said.