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Top stories of BAIC Group in 2017

Aurora From Gasgoo| February 20 , 2018

BAIC Group top stories, BAIC new energy joint venture, BAIC Group sales

Shanghai (Gasgoo)- BAIC Group, a Chinese stated-owned automaker, has experienced many big events in the past year. Hereby the reporter summarizes some significant stories of BAIC Group in 2017.

BAIC to ban sales, production of self-owned branded fossil fuel-powered vehicles in 2025

At the opening ceremony of Beijing New Energy Technology Innovation Center held on December 9, Xu Heyi, president of BAIC Group, said that the group plans to ban the sales of self-own branded traditional fossil fuel-powered vehicles first in Beijing city in 2020. In 2025, the automaker will finally stop the sales and production of those vehicles across China. BAIC Group is the second Chinese automaker which released the timetable to ban sales of fossil fuel-powered vehicles behind Changan Auto.

BAIC BJEV plans to construct 3,000 optical storage power exchange stations

On November 3rd, BAIC BJEV vice general-manage Zhang Yong announced that the company will invest about RMB 10 billion to construct 3,000 optical storage power exchange stations around China and will release 500,000 battery-swapping electric vehicles to the market with storage power capacity exceeding 5GWH. Besides, BAIC BJEV also held a ceremony, officially delivering 1,000-unit battery-swapping taxis to several companies. 

BAIC Group signs agreement with Baidu to mass produce autonomous vehicles

In October last year, BAIC Group signed a strategic cooperation framework agreement with Baidu, attempting to set an example for the industry to explore a comprehensive ecosystem which can deeply integrate AI into automobiles. They announced the strategic cooperation will focus on such areas as autonomous driving and connected vehicles. According to the statement, both parties plans to expedite the realization of BAIC’s autonomous vehicles with the assistance of Baidu’s AI technologies.

BAIC BJEV manages to raise RMB 11.118 billion in Series B round

In August last year, BAIC Group revealed that BAIC BJEV had completed its series B round of RMB 11.118 billion, which exceeded the earlier estimate of RMB 8 billion. Reportedly, this was the largest single financing in China's new energy vehicle industry, and also the largest one for a state-owned enterprise. After this round, BJEV will have 33 shareholders. Its parent BAIC Group and the group’s other affiliates have a combined 41.19% stake.

BAIC Group, Daimler to invest RMB 5 billion in electric vehicles in China

On July 5, BAIC Group and its Germany partner Daimler signed a new framework agreement and agreed to jointly invest RMB 5 billion in battery electric vehicle production in China by 2020. According to the agreement, the money will be invested in a new battery factory to be built in China and the production of pure electric vehicles by the joint venture Beijing Benz Automotive Co., Ltd. (BBAC). 

The 2nd Plant of BAIC in Hunan is completed and ready to produce Senova D50

In May 2017, the 2nd plant of BAIC Motor (BAIC Group’s subsidiary) in Zhuzhou was completed and is to produce models like the all-new Senova D50. The completion of this plant will give support to BAIC’s expansion in Southern areas. The new plant in Zhuzhou, which covers an area of 1,167 thousand square meters, was planned and constructed according to the criteria of “Made in China 2025”. It has an annual production capacity of 300,000 vehicles and 200,000 engines. 

BAIC Group builds global travel service platform

On April 8th, BAIC Group officially unveiled the launch of Huaxia Travel Co., Ltd. On the ceremony, Xue Heyi, Chairman of BAIC Group, said that Huaxia Travel will be a global travel service platform with hundreds of billions of investment. According to public information, registered capital of Huaxia travel amounts to 1.5 billion yuan, among which BAIC Group holds 51%. At the same time, it will launch a travel program suitable to all sectors of society, which includes vehicle rental, finance leasing, taxi, vehicle-hailing and other businesses.

BAIC Jiaqing builds NEV production base in Chongqing with capacity of 300,000 units per year

In February 2017, BAIC Jiaqing (Chongqing) New Energy Vehicle Technology Company, an entity jointly built by BAIC Yinxiang Automobile Co., Ltd and three private companies, started to build a new plant in Chongqing. Involving an investment of RMB 3 billion and covering an area of 1,098 mu (around 732 thousand square meters), the new plant features a designed annual production capacity of 300,000 NEVs. The first phase will be completed within two years with a planned capacity of 100,000 units per year.

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