SHANGHAI: Chinese state-run automaker Chongqing Changan Automobile plans to list its electric vehicle (EV) unit around 2025, the China Securities Journal said on Tuesday.
The unit completed fundraising round B on Monday, said the paper, reaping 5 billion yuan ($789.84 million), 2 billion yuan over its planned target.
Changan did not immediately respond to a request for comment.
Reuters reported last year that the unit was planning to list on STAR Market.
Changan, based in the southwestern city of Chongqing, holds 48.95% of the unit, which makes entry-level and mass-market electric vehicles.
General Motors Co’s China venture with SAIC Motor dominates the small-car segment with its micro two-door Wuling Hong Guang MINI EV.
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The three are expected to announce on Thursday a plan to invest more than 20 billion euros ($23 billion) over the next five years on EV development, the sources said. By 2030, the alliance is expected to come up with more than 30 new battery EVs underpinned by five common platforms, they said.