Beijing (ZXZC)- Chongqing Changan Automobile Co., Ltd. ("Changan Automobile"), one of China's legacy automakers, unveiled on October 9 its plans to venture deeper into the new energy vehicle (NEV) sector with a dedicated investment fund. 

Photo credit: Changan Automobile

The company announced its intention to establish a fund, temporarily named as the Changan Changfu Private Equity Investment Fund Partnership Enterprise (Limited Partnership), in cooperation with several other companies. The fund, with an impressive capital scale of 15 billion yuan, is expected to play a pivotal role in supporting Changan's journey into the evolving NEV industry.

Among the contributors to the fund, Changan Automobile will commit 3.48 billion yuan, while China Changan Automobile Group will invest 1 billion yuan. Additionally, Chongqing Industrial Investment Parent Fund Partnership Enterprise (Limited Partnership) pledges 4.5 billion yuan, Chongqing Liangshan Industrial Investment Co., Ltd. allocates 6 billion yuan, and Anhe (Chongqing) Private Equity Investment Fund and Chongqing Yufu Equity Investment Fund will each bring 10 million yuan to the table.

The newly established fund will be managed by Anhe Fund ("Anhe" is Chinese Pinyin), focusing on investments within the NEV industry chain and related ecosystem projects. Its primary targets are projects in the growth and maturity stages that align with the ever-evolving trends in the NEV industry. The fund's ultimate goal is to not only foster Changan Automobile's role in the NEV ecosystem but also secure meaningful investment returns.

This move underscores Changan Automobile's commitment to accelerating its transition to new energy vehicles. At the "2023 Changan Auto Tech Ecosystem Summit" in September, the company unveiled its "New Vehicles, New Ecosystem" strategy. This strategy involves a significant investment of 200 billion yuan, the establishment of a technology innovation team of over 10,000 members, and an ambitious sales target of 5 million vehicles by 2030.