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Anhui Ankai to raise over CNY 1 billion yuan for new-energy vehicles
Capital Vue, 8 Sep '10

Anhui Ankai Automobile may raise over one billion Yuan (US$ 147.1 million) in a rights issue to institutional investors, in order to further develop its new-energy vehicle sector, according to news reports citing sources in the company.

Anhui Ankai Automobile has suspended share trading since August 18th.

According to a research report, the company's annual new-energy vehicle delivery volume in 2009 was close to 60 units, with a gross margin about 15 percent. The average sales price of an electric vehicle is nearly two million Yuan, compared with 400,000 Yuan for a comparable petrol-powered passenger vehicle.

The Ministry of Science and Technology and the Ministry of Finance are currently offering a 500,000 Yuan per vehicle subsidy for pure electric passenger vehicle purchases.