EV maker Skywell plans to list in Shanghai

Chinese electric carmaker Skywell said Tuesday that it is planning to file an application this year to go public in Shanghai.

Skywell founder Huang Hongsheng said it will float at the Shanghai Stock Exchange's sci-tech innovation board, commonly known as the STAR market.

He said it has raised billions of yuan and expected the company's valuation to reach 300 billion yuan ($46.13 billion).

Huang unveiled the plan on Tuesday when it launched a new SUV model in Beijing. The electric model is available in four variants, with their driving ranges ranging from 410 to 520 kilometers. A longer driving range of 600 km is an option.

The carmaker has spent 10 billion yuan in vehicle research and development in the past decade, and will invest another 30 billion yuan in coming years.

Skywell expects its sales by 2025 to reach 250,000 units. The vehicles bear the popular home appliances trademark Skyworth.

In March, Skyworth sold its trademark for vehicles to Skywell for 28 million yuan ($4.31 million). Both Skyworth and Skywell were founded by Huang.

Huang said Skyworth is a household name in China, so it saves time and money for Skywell to build brand awareness.

Skywell has been producing electric buses for 10 years, with combined sales reaching 50,000 units, but it remains a little known name in the passenger vehicle segment.

He said the electric vehicles, which are much more expensive than home appliances, will help boost Skyworth's reputation in return.

But the two companies' partnership is more than that. They built a joint venture back in 2019, which is dedicated to developing electric vehicle software, and Skyworth is a display supplier to Skywell as well.

Skyworth will showcase the carmaker's models at its dealerships as well, and help arrange test drives and deliveries.

Earlier this year, the carmaker said it is planning a sales network of 300 dealerships, and around 120 will open in major Chinese cities this year.