Automotive News Europe — 2024-06-28
Automotive Industry
BeyonCa, which is backed by Renault Group and Dongfeng Motor, said it will locate its international headquarters in Hong Kong, developing the territory's first car brand.
BeyonCa, an EV startup backed by Renault Group and Dongfeng Motor, said it plans to set up a final assembly plant and its international headquarters in Hong Kong, developing the territory's first car brand.
The company was started by Weiming Soh, a former Volkswagen China and the current head of Renault’s China operations. Renault said in 2022 that it was investing in BeyonCa as a way to better understand the Chinese technological ecosystem. It has not disclosed the scope of the investment, a spokesperson told Automotive News Europe on Friday, 28 June 2024.
Following the one-two punch that the 2019 protests and pandemic delivered to Hong Kong's economy, the city has sought to diversify and build up other industries.
"We aim to achieve a breakthrough in Hong Kong's auto manufacturing industry, becoming the first international premier electric vehicle brand made in Hong Kong," Soh said in Hong Kong on Friday, 28 June 2024.
While BeyonCa's cars will be assembled in Hong Kong's Tseung Kwan O, most of the manufacturing -- stamping, body welding and painting -- will be completed in mainland China. The company did not disclose the value of its investment in Hong Kong.
BeyonCa, which stands for “beyond cars,” plans to produce the GT Opus 1, a four-door premium GT.
Renault Group has largely exited China, where it once sold more than 500,000 vehicles a year. It continues to build the Dacia Spring electric minicar with a joint venture partner, but its main partnership, with Dongfeng, has been dissolved. The Renault-Dongfeng venture included a factory in Wuhan.
Renault Group CEO Luca de Meo has said Renault plans to remain involved in the Chinese market in a nontraditional way. Last month (May 2024) Renault said it would develop a new low-cost full-electric Twingo with a Chinese partner. The automaker also has several collaborations with Geely, on production and internal-combustion engines.