Changan secures financing for its electrification strategy

Chinese manufacturer Changan signed agreements with two banks to make sure it does not run out of money during its upcoming EV and PHEV production ramp-up. Until 2025, Changan plans to invest 100bn yuan (approximately 12bn euros) into its electrification strategy.

As reported, the Chinese company intends to transform into a pure EV maker within the next eight years. In order to do so, its engineers are creating three NEV platforms that shall enable to launch 21 all-electric models and 12 PHEV models until 2025. The fresh money is supposed to be invested in R&D, in battery production and in the installation of charging infrastructure.

Within the first nine months of the year, Changan sold approximately 35,000 EVs – that are 150 percent more compared to the previous year. However, the company anticipated to sell a total of 50,000 EVs in 2017 – so there is still a bit work to do.
chinadaily.com.cn