FAW Group’s subsidiary to build auto joint venture with startup Bordrin

Shanghai (Gasgoo)- Tianjin FAW Xiali Automobile Co., Ltd. (FAW Xiali), a subsidiary of China's state-owned FAW Group, and the EV startup Bordrin entered into a shareholder agreement on September 27 to build a joint venture in Tianjin, according to FAW Xiali’s announcement.

The joint venture, temporarily named Tianjin Bordrin Automobile Co.,Ltd, involved a registered capital of RMB2.54 billion, of which RMB505 million and RMB2.034 billion are subscribed by FAW Xiali and Bordrin respectively.

“Combining Bordrin's advanced R&D system and planning for abundant products with FAW Xiali's lean production model, the joint venture will be dedicated to offering consumers all-new auto products and services,” said FAW's subsidiary.

The joint venture will work on researching, developing and selling PVs, auto parts, engines, electric drive system, battery packs, energy storage system, electronic parts and internal combustion engine components, according to the announcement.

Bordrin was founded in 2016 by Dr. Ximing Huang, who had built a U.S.-based vehicle technology company (AVT) in 2007 and a Shanghai-based automobile engineering tech company (COTECH) in 2008. Up until now, AVT and COTECH have designed and developed chassis system for over one hundred models under more than ten domestic and foreign auto brands, according to the Nanjing-based startup. The future launch of the joint venture will make Bordrin complete its industrial chain from R&D and production.

Reportedly, Bordrin currently owns four R&D hubs in Detroit, Nanjing, Shanghai and Beijing. At the 2019 Auto Shanghai, it premiered two premium intelligent electric SUVs, Bordrin iV6 and Bordrin iV7, and three original electric platforms, i-LP, i-MP and i-SP. 

The body in white of the Bordrin iV6, the startup's first model, rolled off the production line in June, 2019, and its mass production is set to start at the end of the year. Consumers are likely to take delivery in next year's first quarter (photo source: Bordrin).