Beijing Electric Vehicle Company (BJEV), controlled by Chinese automaker BAIC group, is planning to raise US$460m in an initial public share offering (IPO) to fund expansion of its electric vehicle (EV) operations – according to local reports.

The funds will also be used to cut debt and generate working capital. The company expects the rapid growth in China's EV segment will attract strategic investors.

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BJEV is 60%-owned by BAIC group, with local technology company LeEco Holdings Company and local municipal companies among its minority investors. 

The company sold 20,000 EVs last year and this is set to more than double to 55,000 units in 2016 and to around 70,000 units by 2020, according to a company insider. 

BJEV is also developing a plug-in hybrid vehicle for the local market.

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