Market Chatter: Changan Automobile to Develop New Smart Electric Models for 250 Billion Yuan

MT Newswires Live10-24

Chongqing Changan Automobile (SHE:000625, SHE:200625) plans to invest 250 billion yuan to launch new smart electric car models internationally in the next three years, Yicai Global reported Wednesday.

The Chinese automobile maker will hire 10,000 people for its technology innovation division to develop "intelligent" vehicle technologies until 2029, citing Changan Automobile chairman Zhu Huarong.

The company aims to reach annual sales of five million vehicles by 2030, 60% of which will be new energy vehicles and 30% shipped overseas, the media outlet said.

Changhan's A and B shares both slipped around 2% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price (RMB): ¥13.51, Change: ¥-0.28, Percent Change: -2.03%

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