Key Points:
- BeyonCa will set up the final assembly plant and international headquarters in Hong Kong.
- The move supports Hong Kong’s efforts to diversify its economy post-protests and pandemic.
- Aiming for 100,000 annual EV sales with three to five models by a few years after 2025.
- Establishes Hong Kong as a significant player in the global EV market.
Premium electric vehicle (EV) manufacturer BeyonCa, supported by Renault and Dongfeng Motor, announced its plans to set up a final assembly plant and its international headquarters in Hong Kong on Friday. This strategic move will create Hong Kong’s first car brand, marking a significant milestone in the city’s industrial diversification efforts.
The initiative comes as Hong Kong continues to recover from the economic impacts of the 2019 protests and the pandemic. The city aims to diversify its economy by developing new industries, and establishing a homegrown premium EV brand is a step in that direction.
“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,” stated Weiming Soh, BeyonCa’s founder and chairman, during a press conference in Hong Kong.
BeyonCa’s vehicles will be assembled in a government-owned industrial park in Hong Kong. However, most critical manufacturing processes, including stamping, body welding, and painting, will be completed in mainland China. The company has not disclosed the financial details of its investment in this venture.
BeyonCa previously announced in 2022 its plans to begin production in China. Within five years, an overseas plant is envisioned to cater to markets such as the Middle East, ASEAN countries, and Europe. This expansion aligns with the company’s long-term strategy to establish a strong global presence in the EV market.
Soh outlined ambitious sales targets, aiming to sell 100,000 EVs annually with a lineup of three to five models available a few years after 2025. This goal reflects the company’s confidence in the growing demand for premium electric vehicles and its commitment to innovation and quality.
Establishing BeyonCa’s assembly plant and international headquarters in Hong Kong is expected to create new jobs and stimulate the local economy. It also positions Hong Kong as a significant player in the global electric vehicle market, contributing to the city’s economic recovery and industrial transformation.
By leveraging the expertise and resources of its backers, Renault and Dongfeng Motor, BeyonCa is poised to make a substantial impact on the EV industry. The collaboration highlights the potential for international partnerships to drive innovation and growth in new markets.
BeyonCa’s decision to base its operations in Hong Kong marks a pivotal development in the city’s industrial landscape. The move supports Hong Kong’s economic diversification efforts and establishes a new frontier for the premium electric vehicle market in the region.
