Chongqing-based Changan Automobile plans to list its electric vehicle unit on China's Nasdaq-style sci-tech innovation board, also known as the STAR market, to finance its rapid expansion, Reuters said on Monday citing people familiar with the matter.

Changan, which has a 48.95 percent stake in the unit, aims to sell 500,000 electric vehicles a year by 2025 and 1 million by 2030, the report said.

The uint plans to sell 70,000 electric vehicles this year and hopes the business will be profitable by 2024, the report said, adding that Changan has not set a timetable for the uint's listing on the STAR market.

Changan and Nio have a joint venture company, Changan Nio, although no products have been launched to date.

Nio's stake in the joint venture was reduced from 50% to 4.62% last year, while Changan's stake increased to 95.38%, which is seen as Nio's withdrawal from the project.

Changan currently has a partnership with Huawei. A total of 2 models on the list of new vehicles in batch 342 announced by MIIT on March 11 feature Huawei electric drive systems: Changan Automobile's Changan CS95 pure electric version and Chongqing Jinkang New Energy Automobile's Jinkang SF5 pure electric version.

In the Changan model, the permanent magnet synchronous motor model TZ210XY584 has a peak power of 230kW, which is close to the highest level of the MIIT new energy model recommendation catalog.

The all-electric version of the Changan CS95 looks the same as its gasoline counterpart and is powered by CATL's ternary lithium battery.

It is equipped with a dual front and rear motor system, all motors provided by Huawei, with the front motor reaching a maximum power of 195kW and the rear motor 230kW.

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(Changan CS55. Source: Changan)