BAIC & BJEV ELECTRIC VEHICLES
Beijing Automotive Industry Holding Co. Ltd (BAIC) is 60% owned by the Chinese Government. BAIC spun its electric vehicle business into a separate unit, Beijing Electric Vehicle Company (BJEV). The company raised $460mln in an IPO for its Electric Vehicle unit, drawing investors such as LE Holdings, the Chinese company with ties to Faraday Future and LeAuto. The BJEV factory is situated in Caiyu, Daxing, Beijing. The vehicle bodies are welded in Zhuzhou Hunan province. BJEV has launched its new range of EV’s, called Arcfox. BJEV unveiled its first concept vehicles for the Arcfox sub-brand in 2016 which comprised of the tiny open-top SUV, the Arcfox-1 and the performance model the Arcfox-7 which is based on the Formula E platform of the NextEV Racing team.
The German company, Daimler AG, acquired a 12% shareholding in BAIC during November 2013. BAIC is the fourth largest vehicle manufacturer in China and produces some of the best-selling electric vehicles in the country, the E150/160/200 series. The Daimler influence is clear in the design of the new BAIC EU260 model, which looks similar to the Mercedes C series.
BAIC BJEV was one of the first automakers to qualify for an electric vehicle production certificate from the Chinese Government in 2016.
BAIC EV MODELS
BAIC EX200 EV
BAIC EV SALES
BAIC BJEV ELECTRIC CARS IN THE NEWS
Week 7 2018 - Daimler gets equity in BAIC
Chinese Government gave its approval for the acquisition of a 4.79% shareholding by Daimler AG in Jinggangshan New Energy Investment Management Co, the top selling pure electric vehicle producer of 2017. Jinggangshan New Energy Investment Management Co, BJEV for short, is owned by Daimler’s local partner BAIC which holds 37.27% alongside the Beijing municipal investment fund and Xinshixinye Investment Management Co.
Week 4 2018 - BAIC goes public with EV company
BAIC, China’s biggest EV manufacturer in 2017, will become the country’s first listed EV maker as it reverses its BEJV unit into its listed affiliate Chengdu Qian Feng Electronics Co. on the Shanghai Stock Exchange through an asset swap valuing the new company at $4.5 billion (28.8 billion yuan). BJEV raised 14 billion in two tranches of 3 billion yuan in 2016 and 11 billion yuan in 2017.
Week 50 2017 - BAIC to stop building combustion cars
State-owned BAIC Motor Group announced this week that it would stop with the sale of fossil fuel powered vehicles (ICE) by 2025, joining Changan which made a similar announcement in October this year. The announcement was made by BAIC’s chairman, Xu Heyi, at the opening of the company’s EV tech center. Currently, BAIC holds the record for the sale of the most EVs of a particular unit in a month for three months running. The BAIC EC180 city car sold over 15,000 units in November 2017, breaking its previous two records of 9,143 and 11,315 in September and October of this year. The Chinese company also announced a further investment of 100 billion yuan (ca $15 billion) to support its new energy vehicle strategy. The newly announced strategy will start with the halt of sales of ICE vehicles in Beijing in 2020. BAIC has detached its EV strategy from fossil-based vehicles by not producing any hybrid models. BAIC and Daimler announced earlier this year that the partnership would expand their EV partnership in China.
Week 27 2017 - BAIC and Daimler expand EV partnership
Daimler and Chinese BAIC Motors this week agreed to increase the investment in the Sino-German Joint Venture, Beijing Benz Automotive Co (BBAC), to manufacture electric vehicles. The partners agreed to a further investment of 5 billion yuan (655 million euros / $735 million) at a signing of the heads of agreement in Berlin in the presence of German Chancellor Dr. Angela Merkel and Chinese President Xi Jinping. The investment by the German automaker is a further commitment to electric vehicles as it implements the aggressive electric vehicle strategy formulated in 2016. BBAC is the localization of the Mercedes-Benz brand in terms of the Chinese Government’s efforts to strengthen its vehicle sector and will see its first electric vehicle rolling off the production line in 2020.
In June 2017 both partners agreed to strengthen their strategic collaboration through investments for New Energy Vehicles (NEVs) in China. As part of the investment agreement, Daimler announced its intention to acquire a minority share in Beijing Electric Vehicle Co., Ltd. (BJEV), a subsidiary of the BAIC Group, with the purpose of strengthening strategic collaboration with BAIC in the NEV sector.
The investment will be used to extend the BBAC plant in Beijing, established in 2005 and already Daimler’s largest Mercedes-Benz passenger car production hub, to become a BEV production hub in China. The establishment of a BEV production hub will commence with the building of an eBattery factory, which would be Daimler’s first foreign location of its global battery production network. Daimler plans to invest one of the ten billion euro earmarked for its electric vehicle strategy in the global battery production network for Mercedes-Benz vehicles. The network already includes the site in Kamenz, Saxony, built in 2010, where a second state of the art battery factory is being built with an investment of around 500 million euros. Mercedes-Benz will source the cells for its battery plant in Beijing from Chinese suppliers.
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