SAIC Motor Corp. has announced plans to raise as much as 15 billion yuan ($2.4 billion) through a private share sale to develop its own brand cars and new-energy vehicles, reported The First Financial Daily.

The Shanghai-based company will look to raise funds by selling shares to its parent company and employees, as well as investment firms, insurers and trust funds.

They will invest 4 billion yuan ($630 million) into the development of its own brand of cars, as well as using 1.8 billion yuan ($280 million) into developing new-energy commercial vehicles.

SAIC, who have joint manufacturing ventures with Volkswagen and General Motors, have stated that remaining funds will be invested into fuel-cell cars and smart-driving technology.

Despite cuts to car prices, SAIC saw its net profit growth slow to 3.8% in the third quarter, down from the 7% first quarter growth, reported the Wall Street Journal.