The new-energy vehicle unit of auto giant BAIC Motor Corp. is aiming to list as a separate company next year as it becomes one of China’s first state-run companies to experiment with employee ownership, a top executive told Caixin. The spinoff and separate listing could make the unit, BAIC BJEV, China’s first publicly listed pure play for traditional-style cars powered by new-energy sources, similar to Tesla, General Manager Zheng Gang said in an interview. Zheng said BAIC BJEV raised an initial 3 billion yuan ($435 million) in funding at the time of its inception as a separate company last year, and plans to raise another 8 billion yuan this year before an initial public offering. Most of China’s major automakers have launched new-energy car initiatives in the last five years, but most or all of those units would be money-losing without strong government support.
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