The State Council , NEV 's largest SUV manufacturer, announced earlier this month that it will raise a fund of $2.7 billion ( up to 16.8 billion yuan ) in a private share placement to pay for R&D into new-energy vehicles, intelligent vehicles and auto parts. Last year was called "the first year of the new-energy vehicle era" in China, as the output and sales of NEVs in the country were 78,499 and 74,763 respectively, 3.5 and 3.2 times the figure in 2013. The auto maker's fifth plug-in hybrid models are expected to hit the market in 2017 .
The State Council , NEV 's largest SUV manufacturer, announced earlier this month that it will raise a fund of $2.7 billion ( up to 16.8 billion yuan ) in a private share placement to pay for R&D into new-energy vehicles, intelligent vehicles and auto parts. The auto maker's fifth plug-in hybrid models are expected to hit the market in 2017 .