BJEV declined funding plan report

An employee works on an assembly line producing electronic cars at a factory of Beijing Electric Vehicle, funded by BAIC Group, in Beijing, January 18, 2016.[Photo/Agencies]

A BAIC Group subsidiary that produces new-energy vehicles shot down local media reports that it is seeking $460 million through a public listing on the Shanghai Stock Exchange.

Beijing Electric Vehicle Co, in which BAIC has a 60-percent controlling stake, reportedly attracted investment from technology companies including LeEco Holdings Co. The reports said BJEV plans to use the funds from the initial public offering to cut debt, make investments and use as capital, according to reports.

Sales of the automaker's electric vehicles more than doubled to 55,000 units this year from 20,000 last year. It expects to sell as many as 700,000 units annually by 2020.