China-based Tianjin Qingyuan Electric Vehicle (TQEV) is in discussions with Daimler to develop an electric version of a van manufactured by the German car maker in China, according to Reuters. The firm is reportedly in talks with other car makers including Hyundai Motors and BAIC joint venture Beijing Hyundai and Chery Automobile. TQEV plans to increase its production capacity for electric vehicles (EVs) and supply key components to global car makers.
TQEV produces around 6,000 EVs per year and claims to have sold more than 2,000 in the US. According to a Reuters source, the firm hopes to fund the expansion by raising around CNY350m (USD51.2m) through a share sale equivalent to an equity stake of up to 40%.
StrategyEye's related categories: Traditional Vehicle Manufacturers
StrategyEye's related companies: Daimler AG
