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FAW Car acquires 10% stakes in Mobike Chuxing

Nancy From Gasgoo| January 08 , 2018

China auto market news, FAW Mobike Sitech, FAW stake acquisition

Shanghai (Gasgoo)- FAW Car Co., Ltd. (hereinafter referred to as FAW Car) announced on Jan. 7 that it signed strategic cooperation agreements with Management Committee of Guian New Area, Guizhou Province and Guian New Area Mobike Chuxing Technology Co., Ltd (hereinafter referred to as Mobike Chuxing). Besides, it also signed a cooperative production framework agreement on EV project with Sitech Electric Vehicle Co., Ltd. (hereinafter referred to as Sitech). 

According to the strategic cooperation agreement signed with Mobike Chuxing, FAW Car plans to acquire 10% stakes in Mobike Chuxing. Joining forces with Mobike Chuxing is deemed as the most significant measure among FAW Car's three agreements.  

It is revealed from the agreement that FAW Car will be the product provider and manufacturer of Mobike Chuxing. Besides, FAW Car stated that they will cooperate in car manufacturing and research in customized vehicle segment as well as vehicle sales in mobility service area. Both parties will share such relevant resources as operational experience, operating modes, customer data, etc. Besides, they will also share other advantageous resources, including but not limited to financial service and after-sale network.

China auto market news, FAW Mobike Sitech, FAW stake acquisition

The cooperation agreement between FAW Car and Guian New Area showed that FAW Besturn brand will set up an office in Guian Jin'gang Automobile Culture Park, mainly taking in charge of brand promotion, experience and sales for the full lineup of FAW's brands. 

FAW Car and Guian New Area will jointly promote the model development and cooperative manufacture for Sitech. What's more, they will also conduct comprehensive cooperation in Mobike's ride-sharing customization development, integrated platform building between vehicles, charging piles and network, as well as a green mobility demonstration area in Guizhou Province.

In accordance with the strategic cooperation agreement signed with Sitech, FAW Car and Sitech will produce NEV products and derivative models at FAW Car's factory, based on FAW Car's NEV manufacturing licenses. In principle, the existing equipment of FAW Car will be prefered to use in car manufacturing. Their cooperation will remain in force from the signing date to Dec. 31, 2022. 

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