(JW Insights) Oct 24 -- BeyonCa, a Chinese smart electric car startup backed by Renault Group and Dongfeng Motor Corporation, will join hands with Al Faisaliah Group Holding(AFG), a Saudi Arabian investment group, reported Yicai Global on October 23.
The maker of BeyonCa Opus 1, an electric grand tourer, penned a memorandum of understanding for investment and strategic partnership with Riyadh-based AFG, the Beijing-headquartered firm said in a press release on WeChat on October 23, without disclosing the scale of investment.
An affiliate of state-owned Dongfeng in the Hong Kong Special Administrative Region is the biggest shareholder of BeyonCa, holding almost 45 percent of the equity, according to public information. An affiliate of France's Renault has a 15 percent stake in the Chinese startup founded in June 2021.
"Luxury electric cars will enter a phase of S-shaped high growth curve between 2025 and 2030, and this will be the best window for the luxury vehicle market," per Weiming Soh, founder and chairman at BeyonCa who is also the chairman and chief executive at Renault China. Soh worked for Volkswagen Group for 16 years and he used to work for brands such as Bugatti, Lamborghini, and Bentley.
BeyonCa, an acronym that stands for 'Beyond the Car', unrolled its first concept model BeyonCa Opus 1 a year ago. The first mass-produced model, possibly to be manufactured by Dongfeng, is likely to roll off the production line next year, according to the Yicai report.
(Gao J/Yuan XY)
