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BAIC to join hands with LeTV in building NEV

2015-03-10 GMT+8:00

BEIJING, Mar. 9 (Xinhua) -- Chinese leading homegrown automaker BAIC Motor (01958.HK) will join hands with the Internet company Leshi Internet Information & Technology Corp. (LeTV, 300104.SZ) to build homemade new energy vehicles.

BAIC's board chairman Xu Heyi told the news portal on Monday that the two companies had set the targets and timetable for their cooperation.

Xu said Beijing municipal government had put 500 pure electric vehicle taxies into operation in the urban area and would increase the number to 2,000 this year.

According to him, China's auto industry will have intensified competition and get faster to roll out new products. Meanwhile, inferior enterprises will gradually quit the market or will be acquired and merged by stronger enterprises.   (Edited by Li Xiaoyu,