On July 10, Great Wall Motor issued a private placement plan. According to the plan, the company will issue not more than 387.0076 million A-shares privately at a price of not less than 43.14 yuan per share to raise a total amount of not more than 16.8 billion yuan. The fund will be used for the R & D, testing and production of new energy vehicles, intelligent vehicles and their key parts.

The new energy vehicle is the future direction of automobile development. With the rise in the demand for energy conservation and environmental protection, and the intensification of national policy support, China's new energy vehicles have moved into a fast track.

Great Wall Motor will focus on new energy vehicle R & D in line with the development trend of the new energy vehicle industry. Based on existing best-selling models, the company will develop and build a serial vehicle platform, accomplish the upgrade from the traditional vehicle business to the new energy vehicle business, and plan the production of core parts such as "new energy intelligent transmission", "new energy vehicle motor and motor controller" and "new energy vehicle power battery system".

The raised fund will also be used for intelligent vehicle R & D to further enhance technical accumulation in the aspects of electronic information processing and control. With IDAS and IOV as penetrating points, Great Wall Motor will develop intelligent vehicles with functions such as IOV, Active Infrared Night Viewing, Adaptive Cruise Control, Automatic Parking, Intelligent Identification and Intelligent Entertainment, to enhance the intelligenization level of the company's existing automotive products.

distributed by