Beijing Automotive Group Co., Ltd. is reported seeking to raise about CNY 3 billion 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 people familiar with the matter. Beijing Electric Vehicle Co., Ltd., which is 60% controlled by Beijing Automotive Group, has attracted investments from technology companies including Le Holdings (Beijing) Co., said the people, who asked not to be identified because the information is confidential. Beijing Electric Vehicle, as the unit is called, plans to use the funds from the initial public offering to cut debt, make investments and as working capital, according to the people.

Representatives for Beijing Automotive Group and Le Holdings declined to comment.