Shanxi branch of the Export-Import Bank of China has supported Dayun Group, a Shanxi-based company involved in vehicle manufacturing, with 2.7 billion yuan ($410.04 million) of funding to produce new energy vehicles.

Founded in 1987 in Yuncheng city, Shanxi province, Dayun Group first dabbled in automobile manufacturing in 2004 and formed three finished vehicle production bases in Yuncheng, Shiyan city in Hubei province, and Chengdu in Sichuan province.

With financial help from the bank in production of new energy vehicles and export seller's credit, Dayun Group developed electric-powered wharf tractors and trucks for logistics, and owned the independent intellectual property rights for the finished vehicle controller, making it the first Shanxi private enterprise that can produce vehicles wholly powered by electricity.

Driven by the business in the sector of new energy vehicles, Dayun Group generated 230 million yuan in net profits during the first half of 2017, representing year-on-year growth of 891.8 percent. The group also added seven sale and distribution centers in countries such as the Philippines, Thailand and Egypt during the same period, with overseas sales up 90 percent.

Shanxi branch of the Export-Import Bank of China was founded in February to support development of the province's foreign trade and overseas investment.