BAIC BluePark intends to raise up to 5.5 billion yuan for development of ARCFOX premium models

Shanghai (Gasgoo)- BAIC BluePark New Energy Technology Co., Ltd. (BAIC BluePark) intends to raise not more than 5.5 billion yuan ($787,841,450) through a non-public issuance of stocks, some of which are set to be poured in the development of ARCFOX-branded premium vehicle models and relevant network construction, according to an advance scheme the board of the company released on August 3.

(Photo source: ARCFOX)

According to the announcement, the stocks will be issued towards not more than 35 specified objects in accordance with the requirements of the China Securities Regulatory Commission (CSRC), including BAIC Group, and its affiliated parties—BAIC (Guangzhou) Automotive Co., Ltd. and Bohai Automotive Systems Co., Ltd.

To be specific, BAIC Group, BAIC Guangzhou and Bohai Automotive attempt to subscribe for not less than 29.57%, 6.25% and 3.01% of the shares actually issued. The rest part will be acquired by other objects in the form of cash.

The company plans to plow 2,628,258,400 yuan ($376,481,983) garnered from the non-pubic stock issuance in the project of premium ARCFOX vehicle model development and network construction, which involves a planned investment of 4,203,244,400 yuan ($602,089,120).

The models to be developed under ARCFOX brand include an upper medium A-segment all-electric model code-named SUVN50AB, a premium A+ segment pure electric model code-named SUVN60AB and a high-end A+ segment all-electric fastback-designed crossover belonging to the N61AB series.

The project is also associated with the construction of the data middle platform and marketing network of ARCFOX brand.

Moreover, 356,132,100 yuan ($51,001,322) and 865,609,500 yuan ($123,963,071) are scheduled to be used to improve 5G-based intelligent-connected system and develop battery swapping business system.

Under the 5G project, the automaker intends to develop premium intelligent EV models that boast Level 3/4 autonomous driving functions, outstanding cockpit interaction features and abundant Internet contents by adopting 5G and advanced intelligent-connected technologies.

The money will also be applied to develop and deploy battery swapping businesses, such as developing flagship models compatible with swappable batteries and constructing battery swapping stations.