(Yicai Global) April 28 -- Radar Auto, the all-electric pickup truck marque under Chinese vehicle manufacturer Zhejiang Geely Holding Group, will consider an initial public offering in due course, Shanghai Securities News reported today.

Radar Auto, which released its first pickup the RD6 in November last year and then an updated, cheaper version of it on April 26, already commands 53 percent of this niche market, Chief Financial Officer Wang Daxue said earlier. The company sold 158 RD6s in February. March sales have not yet been disclosed.

Electric pickups only account for a fraction of China’s passenger car sales at 0.92 percent. Some 510,000 small trucks were sold in China last year, compared with 20.5 million passenger autos.

Should Radar Auto succeed with its IPO, it will be another feather in the cap for Hangzhou-based Geely and founder Li Shufu who have taken seven companies public so far through mergers and acquisitions and internal incubation.

And other units are in the process of listing. Its new energy vehicle arm Zeekr filed for an IPO in the US last December and its application is still under review. And its UK sports car subsidiary, Lotus Cars, is proceeding with a listing on the Nasdaq through a special purpose acquisition company.

Editor: Kim Taylor