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Harmony Auto signs strategic agreement with China Continent Insurance

Aurora From Gasgoo| January 16 , 2018

China auto news, Harmony Auto Intelligent vehicle, Harmony Auto aftermarket

Shanghai (Gasgoo)- On January 15, 2018, China Harmony New Energy Auto Holding Limited (Harmony Auto) and China Continent Property and Casualty Insurance Co., Ltd. (CCIC) signed a strategic cooperation agreement in Zhengzhou, Henan Province. Both parties will collaborate in many areas, such as auto insurance, investment, financing and innovation, etc. 

In auto insurance aspect, CCIC will provide 8 types of insurances for Harmony Auto, such as vehicle extended warranty insurance, vehicle replacement compensation insurance and performance guarantee insurance, etc. The insurance company will also proffer Harmony Auto various services like self-owned property insurance, employee's vehicle insurance, etc. Besides, risk management and risk analysis of data are also included in CCIC’s services.

In investment and financing field, the partnership will be processed in forms of equity investment, debt financing and investment integrating equities with debts. 

Liu Fenglei, CEO of Harmony Auto, stated that in 2017, the company implemented the development strategy that besides its sales businesses of 4S shops, it simultaneously expanded its businesses in new energy vehicle area and after-sales services. Based on this strategy, Harmony Auto achieved an outstanding performance last year. In the first half of 2017, its operation revenues increased 3.2% year on year to around RMB 5.09 billion and the shareholders' net profits reached around RMB 560 million, soaring 84.5% from a year earlier.

What's more, Harmony Auto is the biggest shareholder of BYTON who just showcased its first production model BYTON Concept at CES 2018 last week.  

In addition, Harmony Auto has set a benchmark in China’s auto aftermarket with its aftersales services independent of 4S shops. Along with the development of its new energy vehicle businesses and aftersales services, the automaker is expected to realize sustainable profits in investment.

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