Leading Ideal, which produces new-energy vehicles, will rebuild a factory in Beijing with its partners to produce all-electric models. Shen Yanan, co-founder and chairman of Leading Ideal, which started trading on the Hong Kong Stock Exchange on August 12, made the announcement in a statement after the IPO ceremony.
After the factory to be opened in Shunyi district of Beijing, the company's goal is to expand abroad. Company president Shen Yanan announced that a special team has been established to conduct research and presentations for this purpose. The company sees the European continent as an ideal destination for automobile exports.
Ideal, founded in 2015 and one of China's new energy car manufacturing companies, began trading on the Nasdaq in the United States in July 2020.
Leading Ideal launched its first model, the Ideal ONE, in November 2019. As of July 31, 2021, the total volume of deliveries exceeded 72 thousand. The Ideal ONE is an extended-range electric model included in the management of the plug-in hybrid category in China. In addition to the power battery, the extended range electric vehicle also has a small displacement engine, the car's engine recharges the battery and can continue driving without interruption.
In February 2021, Li Xiang, co-founder of Ideal Auto, suggested that by 2025, smart electric vehicles will account for 20 percent of the total automobile market share.
Source: China International Radio
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