The Beijing-based carmaker, which is backed by French automobiles manufacturer Renault and China’s Dongfeng Motor, said on Monday that the agreement signed last week would result in “a substantial investment” if it were to materialise. BeyonCa did not provide further details about the size of the potential investment.
“BeyonCa and AFG have enthusiastically embarked on a collaborative journey to cultivate the EV market in the Middle East,” the company said in a statement. “Both companies will jointly explore opportunities for EV development, encompassing research and development, manufacturing, trade, retail, charging, insurance, ecological services and allied sectors.”
A signing ceremony was held at state-owned Dongfeng’s headquarters in Wuhan, in Hubei province, on Friday.
BeyonCa was founded in 2021 by Soh Weiming who has previously served as an executive vice-president of Volkswagen’s China operations. He was with the German carmaker for 16 years starting in 2005 after stints at Mitsubishi Motors China and Daimler-Benz Northeast Asia.
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In an interview with the Post in October 2022, Soh said BeyonCa would release three to five new models over the next three to five years.
The carmaker expects to take on the likes of BMW, Mercedes-Benz and Audi in the luxury segment with new models that also come packed with unique healthcare services.
BeyonCa smart EVs under development will not only monitor the driver’s health, but will also automatically intervene by slowing down or stopping the car in the emergency lane if and when a driver shows signs of cardiovascular distress, strokes or driving fatigue, Soh said.
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The carmaker said it has also sealed a cooperation agreement with QG FZE-LLC, a Middle East-based venture builder with experience in the automotive industry. The two companies will explore investment opportunities in the Middle East.
“The EV market in the Middle East is untapped so far,” said David Zhang, a visiting professor at Huanghe Science and Technology College.
“But it is not easy for Chinese car brands to explore the market there because they are still little-known in the Middle East.”