BAIC unit heads for IPO

Leading electric-car maker powering along with plans to build major new plant

Beijing Electric Vehicle Co, a subsidiary of BAIC Motor Corp, plans to raise funds through an initial public offering to enlarge its production capacity, a senior official said on Monday.

"We have already expanded our registered capital to 3 billion yuan ($458 million), but it is clearly not enough, so we are going for an IPO to finance our projects," said Hao Ziming, deputy Party secretary of the Beijing-based firm, without giving details on the time frame.