Finance secured for Chinese manufacturer’s electrification strategy

Chinese manufacturer Changan has signed agreements with two banks to make sure it does not run out of money during its upcoming EV and PHEV production ramp-up.

As reported by Electrive, until 2025, Changan plans to invest 100bn yuan (approximately 12bn euros) into its electrification strategy.

The firm also intends to become a pure EV maker within the next eight years.

To do this, the firm is aiming to launch 21 all-electric models and 12 PHEVs by 2025.

The new money is expected to go towards R&D, charging infrastructure and battery production.