BAIC expects to raise $460m from electric-car division IPO

BAIC Group is seeking to raise about 3 billion yuan ($460 million) in a financing round for its electric-car business, with plans to sell shares in the unit on Shanghai's exchange for emerging companies, according to sources.

Beijing Electric Vehicle Co, which is 60 percent controlled by BAIC, has attracted investments from technology companies including LeEco Holdings Co, said the sources, who asked not to be named.

BJEV, as the unit is called, plans to use the funds from the initial public offering to cut debt, make investments and as working capital.