10 December 2018

BAIC Motor hives off green car unit before IPO, paper says

BAIC Motor, a subsidiary of Beijing Automotive Group Co. Ltd., has hived off its new-energy car unit before its planned initial public offering, China Business News reported Tuesday, citing a company source. The unit is now registered as a new company directly owned and controlled by the parent group. Investors hold a negative attitude toward the new-energy vehicle business of state-owned enterprises like BAIC Motor, an industry analyst was quoted as saying. Currently engaged in small-scale production, the unit is forecast to sell 150,000 units by 2015, the report said.

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