Date
26 July 2017
Sonny Wu expects Zhidou Electric Vehicle to overtake US rival Tesla in market value in five to 10 years. Photo: HKEJ
Sonny Wu expects Zhidou Electric Vehicle to overtake US rival Tesla in market value in five to 10 years. Photo: HKEJ

Electric car maker eyes public listing

Zhidou Electric Vehicle is considering a public listing this year.

Sonny Wu, chairman of Good Fellow Resources Holdings Ltd. (00109.HK) who owns 20 percent of the electric car maker through a private investment vehicle, said the public share sale could take place “anytime soon” but gave no specific details.     

The Hong Kong Economic Journal is reporting that Wu expects Zhidou to overtake US rival Tesla in market value in five to 10 years.

Zhidou was established by Jinshajiang Capital, Shandong Xindayang Electric Vehicle Co. Ltd. and Geely Holding Group last year.

The joint venture sold 7,823 electric vehicles during the year and is targeting 60,000 units this year. 

Wu said each Zhidou electric car makes a profit of about 100,000 yuan (US$16,100) including government subsidies.

Zhidou expects sales to top six billion yuan this year as it continues to benefit from a 300 million yuan investment in three battery makers acquired four years ago.

[Chinese version中文版]

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