Zonda Plans ￥10B for PEV Expansion
2012-09-29 Source：www.busworld.org
Summarize：The Zonda Bus Group, claiming to be the first Chinese coach maker to mass- produce pure electric buses, plans to raise more than 10 billion yuan ($1.6 billion) through stake sales over the next five years.
www.chinabuses.org: The Zonda Bus Group, claiming to be the first Chinese coach maker to mass- produce pure electric buses, plans to raise more than 10 billion yuan ($1.6 billion) through stake sales over the next five years.
The money will be used to finance an expansion project in which it has set its sights on an annual output of 20,000 buses and grabbing a 20 percent market share, said a company executive.
Zonda got the green light in July 2012 from the Ministry of Industry and Information Technology to become the first company in China to commercially manufacture pure electric buses, and is expected to launch a project to produce 5,000 units annually in Jiangsu province within three years.
Zonda will invest 2 billion yuan in the project, which is expected to generate an output value of 10 billion yuan, including 1 billion yuan in tax revenues and 1 billion yuan in profit, said Xu Lianguo, chairman of Zonda Bus' parent, Zonda Group.
He added that Zonda hopes to invest more than 10 billion yuan over the next five years to have an annual production of more than 20,000 buses.
The company hopes to fund its huge investment by selling all or a part of its stake in Zonda Bus' subsidiaries Yancheng Zhongwei Passenger Bus Co Ltd, Beijing Zhongda Yanjing Automobile Co Ltd and Nanjing Zhongda Jinliang Double-Decker Bus Manufacture Co Ltd.
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