BeyonCa, backed by Renault and Dongfeng Motor, aims to create 'Made In Hong Kong' luxury electric vehicle brand.
Chinese luxury car start-up BeyonCa, founded by former Volkswagen China executive vice president Weiming Soh, is to set up its global headquarters and final assembly plant in Hong Kong as it seeks to become the city's first car brand.
Soh is also the current head of Renault's China operations and Renault is a backer of BeyonCa along with Dongfeng Motor.
Renault said in 2022 it was investing an undisclosed amount in the start-up in order to better understand the Chinese technological ecosystem.
The company is to set up offices, international headquarters and its final assembly plant in an innovation park in Hong Kong's Tseung Kwan O New Town.
Most of the manufacturing processes, including stamping, body welding and painting, will be carried on in the mainland, the company said.
BeyonCa, whose name stands for Beyond Cars, in 2022 announced its brand along with the Gran Turusmo Opus 1, a four-door premium concept vehicle.
The company did not disclose the value of its investment in the manufacturing project.
China's ultra-competitive EV market has forced manufacturers to pursue overseas sales.
Domestically, manufacturers have engaged in several rounds of a price war that has slashed their profit margins.
The competitive environment has seen Tesla's sales sag in the country as it faces the growth of rivals such as BYD, which briefly surpassed it as the worldwide No. 1 seller of electric vehicles earlier this year.
This Cyber News was published on www.silicon.co.uk. Publication date: Mon, 01 Jul 2024 12:43:04 +0000