Chinese battery electric vehicle (BEV) start-up BeyonCa has signed a preliminary agreement to sell a stake to Saudia Arabia’s Al Faisaliah Group (AFG) to raise fresh investment to help fund growth.
BeyonCa, backed by Renault and China state owned Dongfeng Motor, announced the agreement with Riyadh based AFG would result in “a substantial investment” if it were to materialise without releasing details about the size of the potential value or the agreed shareholding.
BeyonCa also signed a strategic cooperation agreement with QG FZE (QG), a management consulting firm described as having extensive experience and resources in the automotive industry.
At a signing ceremony held at Dongfeng’s headquarters in Wuhan, the Beijing based startup said in a statement: “BeyonCa and AFG have enthusiastically embarked on a collaborative journey to cultivate the BEV market in the Middle East.
“Both companies will jointly explore opportunities for EV development, encompassing research and development, manufacturing, trade, retailing, charging, insurance, ecological services and allied sectors.”
BeyonCa, co-founded in 2021 by former Volkswagen China executive vice president Soh Weiming, is the latest in a growing list of Chinese startups looking for fresh investment to fund growth. The company self describes as an R&D focused operation with plans to produce up to five new premium, smart BEVs in the next few years.
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Weiming said in a statement: “We anticipate premium electric cars will enter a period of rapid growth from 2025 to 2030, marking an unparalleled window of opportunity in the sector.”