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Lifan to launch 20 NEVs by 2020

CHONGQING – Chinese Lifan Auto, a private automaker based in Chongqing, plans to launch 20 new energy vehicle models by 2020, according to a report in Meiri Jingji Xinwen or National Business Daily.

The company aims to achieve accumulative sales of 500,000 NEVs by 2020. Leasing vehicles will account for 60 percent of the sales goal.

Lifan also plans to build 13 battery swap stations this year in Chongqing, Shanghai and Henan. In 2016, the company will start building battery swap stations in other major cities. Lifan will have 500 stations across China by 2020.

Lifan announced in May to raise ¥5.2 billion ($839 million) by issuing additional shares through the Shanghai Stock Exchange to support its NEV development strategy. According to the company’s plan, ¥460 million will go for NEV platform building, ¥1.06 billion for energy station construction, ¥1.55 billion for lithium battery development and production line building and ¥1.13 billion for electric motor, electronic control and transmission projects.

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