BeyonCa teams up with CATL, finance firms to accelerate 'Made in Hong Kong' EV goal

BeyonCa, a Chinese premium electric vehicle (EV) start-up backed by French carmaker Renault Group and Chinese state-owned Dongfeng Motor Corporation, has signed agreements with supply chain partners and financial institutions to accelerate its aim of establishing the first "Made in Hong Kong" car brand.

BeyonCa signed new partnerships on Thursday with a Shanghai subsidiary of Chinese battery giant Contemporary Amperex Technology (CATL) as well as GF Securities, East West Bank, Fengde Capital and Shandong-based AiTech Flsay Information Technology.

It hopes to create the ecosystem to establish an EV value chain in Hong Kong, said founder and chairman Soh Weiming in an interview.

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"BeyonCa's aspiration is not just to set up a factory here in Hong Kong," said Soh, who is also chairman and CEO of Renault's China operations. "We are looking beyond that. The idea is to nurture a world class new-energy vehicle premium brand.

"By nurturing, it is a process of developing and cultivating a symbol, representing China Hong Kong to the world stage.

'It is a process of developing and cultivating a symbol, representing China Hong Kong to the world stage,' says Soh Weiming, BeyonCa's founder and chairman. Photo: Sun Yeung alt='It is a process of developing and cultivating a symbol, representing China Hong Kong to the world stage,' says Soh Weiming, BeyonCa's founder and chairman. Photo: Sun Yeung>

"That is our opportunity and desire, and of course we cannot do it without the support of the government authorities, banking industry and [supply chain partners]."

The company envisions creating an EV ecosystem in Hong Kong that encompasses design, innovation, production, and marketing.

Founded in 2021 by Soh who had previously served at Volkswagen's China operation for 16 years, BeyonCa aims to develop electric cars to take on the likes of BMW and Mercedes-Benz in the luxury segment.

It said last month it would build a factory and establish a global headquarters in Hong Kong as it looks to tap the strong automotive supply-chain and rich international talent pool of the Greater Bay Area and gain a foothold in the industry.

In October 2022, BeyonCa launched its first prototype model, the GT Opus 1. Its artificial intelligence-powered smart cockpit features the world's first in-cabin, real-time monitoring of blood pressure and an online "cloud doctor" service. It automatically intervenes by slowing down or stopping the car if the driver shows signs of cardiovascular disease, a stroke or fatigue.

BeyonCa signed a preliminary investment deal with Riyadh-based AI Faisaliah Group last October to jointly explore opportunities for EV development in the Middle East.

The carmaker also plans to set up a production line and four major centres for research and marketing at the Hong Kong Science and Technology Parks (HKSTP)'s advanced manufacturing site at Tseung Kwan O, Soh said in an earlier interview.

BeyonCa was among the 11 advanced manufacturing enterprises that signed partnerships with the Hong Kong Science and Technology Parks Corporation (HKSTP) last month, as part of the city's push to become an innovation hub.

The government-owned HKSTP provides facilities, office space and support for technology companies.

The enterprises, many of which are industry leaders, span sectors such as biopharmaceuticals, artificial intelligence, robotics and automation, semiconductors, new energy vehicles and green energy.

Also on Thursday, Urban Access Solutions Company, an EV charging platform and wholly owned subsidiary of MTR Lab, announced a collaboration to develop and roll out charging services for 22 parking spaces at the MegaBox shopping centre in Kowloon Bay. It will partner with the Hong Kong subsidiary of PetroChina International, which engages in fuel supply and filling station operations.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved.

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