BAIC Group betting big on SUVs, new energy vehicles

Xu said BAIC Group will add larger models and plug-in hybrid versions to its SUV lineup.

In terms of new energy vehicles, it has a barrage of pure battery-powered models, such as the EC, EU and EX series, which sell for 90,000 yuan to 400,000 yuan.

The company will also have plug-in hybrids and fuel-cell cars in the future, Xu said. He added that the company will provide pure battery-powered cars under its all-new premium brand, the Arcfox, in late 2019 or early 2020.

The first Arcfox model, with a steel-aluminum body, is being co-developed by BAIC Group and Canadian parts producer Magna International Inc, and will be made at a joint venture plant between the two parties in East China.

Xu said Beijing Electric Vehicle Co is in the final process of a listing on the Shanghai stock exchange, and the shares are set to start trading "at the end of this month or the beginning of September".

"By achieving that, BJEV will be the first listed new energy vehicle producer in China, which is of industrywide significance," he said.

China first outsold the United States as the world's biggest new energy vehicle market in 2015, propelled by government subsidies and stricter emission rules. BAIC Group and other local companies as well as foreign players are speeding up their efforts to offer more new energy models in the country.

To enable more customers to experience its SUV products, Xu said the company is building a 400-hectare "SUV town" on the outskirts of Beijing for SUV racing and entertainment. The site will be put into operation next year.