BAIC to raise 3b yuan for its electric-car business

Beijing

BAIC Group is seeking to raise about three billion yuan (S$638.3 million) in a financing round for its electric-car business, with plans to sell shares in the unit on Shanghai's exchange for emerging companies, according to people familiar with the matter.

Beijing Electric Vehicle Co, which is 60 per cent controlled by BAIC, has attracted investments from technology companies including Le Holdings (Beijing) Co, said the people, who asked not to be identified because the information is confidential.