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Baoneng invests RMB 30 billion (about $ 4.6 billion) in NEV sector

Nancy From Gasgoo| December 27,2017


China auto market news, Baoneng Group  NEV Guangzhou, Baoneng Qoros

Shanghai (Gasgoo)-On Dec. 26, Baoneng Group started to construct a new NEV industrial park with a total investment of RMB 30 billion (about $4.6 billion) in Guangzhou Economic & Technological Development Zone.

It is revealed that the first phase of the new NEV industrial park is expected to achieve an annual production capacity of 500,000 NEVs. Besides, the NEV industrial park will be composed of NEV headquarters, vehicle and core parts R&D centers, advanced vehicle manufacturing bases, vehicle sales centers and logistics centers. Once completed, the production value of the vehicles and parts will reach over RMB 100 billion (about $15 billion).

It is learned that the NEV industrial park is Baoneng's third investment in Guangzhou Economic & Technological Development Zone. Previously, Baoneng had invested RMB 3 billion (about $460 million) to build a mansion of investment headquarters at Guangdong-Hong Kong-Macao greater bay area. In the first half of this year, Baoneng also invested heavily in Guangzhou International Sports Arena. With the experience of building Baoneng Science and Technology Industrial Park, Baoneng even planned to build a value innovation town at Sino-Singapore Guangzhou Knowledge City.

On Dec. 21, Baoneng invested RMB 6.6 billion (about $1 billion) to be the controlling shareholder of Qoros, which is co-founded by Chery and Kenon Holdings. Baoneng's NEV industrial park will be the core manufacturing base for Qoros to manufacture international high-end vehicles. Both parties are dedicated to producing NEV models. According to Liu Liang, CEO of Qoros, their co-developed NEV JV will be established in the near future. The NEV models will be developed based on the existing models. Meanwhile, the Qoros 3Q.LECTRIO will be mass produced at the beginning of 2018. In addition, Qoros will release an all-new NEV platform by 2020.

The new NEV industrial park will set up NEV research institutes and introduce talents both at home and abroad, providing technological support for the design and development of NEVs as well as batteries and electronic control.

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