China Dynamics in electric-car battery push after name change
Former metals trader shifts its focus to the electric-vehicle market after name change
China Dynamics (Holdings), formerly Sinocop Resources (Holdings), will put all its resources into developing batteries for new-energy cars, said chairman Cheung Ngan.
The company changed its name last month to "better reflect future expansion", Cheung said. The company used to be focused on metals and mineral trading.
"We are proactively seeking business opportunities to tap the enormous potential of the electric-vehicle market," Cheung said.
He said China Dynamics was in contact with a number of local governments on the mainland, where the authorities are pinning their hopes on new-energy cars to tackle the country's notorious air pollution.
Beijing has set a sales target of 500,000 units for new-energy cars - all-electric and plug-in hybrid vehicles - by next year and 5 million units by 2020.
Last year, about 17,000 new-energy vehicles were sold on the mainland, an increase of 40 per cent from the previous year. However, it is still 0.1 per cent of the country's total car sales.