Feb.15, China – 36kr reported that Binli intelligent technology (“Binli”) recently reached a cooperation with Yangtze River Capital to jointly establish Hubei New Energy Vehicle Industry Fund, which is expected to have a total investment of over RMB10 billion ($1.57 billion).
According to Qichacha, a Chinese data provider, Beijing Binli was founded on June 11 2021 with former Volkswagen China executive vice president Weiming Soh as its legal representative and registered capital of $200 million. The shareholders of BeyonCa HK Limited, the parent company of Binli, also includes Dongfeng Motor Group and Wuhan Dongfeng Insurance Brokerage Co.
Yangtze River Capital is a wholly-owned subsidiary of Hubei Changjiang Securities engaged in private investment, and its partnership with Binli was brokered by the Wuhan government
Previously, according to local media Cailian, Binli has joined the car-making bandwagon, and its first model will rival the Porsche Taycan (priced at $888,000 to $1,808,000). In addition, Binli has assembled a management team of more than 10 people from the automotive and Internet industries and Binli will launch a car brand named BeyonCa in English.
However, Binli has not yet officially disclosed information about the team, the first model, target sales, etc. More information about the company may be released to the public at the 2022 Beijing Auto Show.
Why Yangtze River Capital invests
Currently, China’s hottest new energy vehicle market is concentrated in the RMB 200,000-400,000 price range. In 2021, Tesla recorded sales of 321,000 units in China with the Model Y and Model 3, and new car makers such as NIO, XPeng and Li Auto are closing in on 100,000 units for 2021. The second camp of players such as Nezha, Weima EV and Leapmotor are focusing on the new energy vehicle market in the 60,000-200,000 range.
36kr said that BBA still occupies the main domestic market in the field of high-end luxury models of new energy vehicles. In addition to the Chinese Luxury EV brand HiPhi, there are not many brands that consumers can choose from. Perhaps Binli is aiming at exactly this point. Yangtze River Capital is also looking at Binli’s new energy, high-end luxury brand attributes. The entry of Binli also makes the domestic new energy segmentation track more interesting to fight.