Shenzhen Baoneng Motor’s first vehicle expected to roll off production line in fourth quarter

Shanghai (Gasgoo)- On May 30, Shenzhen Baoneng Motor Co.,Ltd. was inaugurated at Longhua District in Shenzhen, where Changan PSA Automobiles Co., Ltd. (CAPSA) was previously located, according to a posting on Baoneng Motor's WeChat account.

The unveiling ceremony came after CAPSA was renamed Shenzhen Baoneng Motor, and have its investor changed to Shenzhen Qianhai Ruizhi Investment Co.,Ltd., a wholly-owned subsidiary of Baoneng Motor, according to Shenzhen Administration for Market Regulation.

After the head-to-toe makeover, Baoneng Motor attempts to build its global headquarters, a high-end manufacturing base and a R&D hub on the 1 million-square-meter land, which involve such projects as assembly line renovation, product development and engineering construction, said the company.

Lu Xingze, vice president of Baoneng Motor, said the Shenzhen-based plant possesses the industry-leading technologies of automobile R&D and production, and it aims to accomplish an annual capacity of 850,000 complete vehicles and 500,000 engines by renovating, expanding and newly building facilities. He also added that Baoneng Motor's range-extended electric vehicles and the Qoros-branded SUVs will be introduced there for mass production, and the first vehicle is expected to roll off the assembly line in the fourth quarter of the year.

It is rarely heard that Baoneng Motor disclosed its product plans in the public since its foundation in March 2017. However, the company, which is backed by Chinese property and financial services conglomerate Baoneng Group, has formed cooperation with local authorities of Hangzhou, Kunming, Guangzhou, Kunshan, Guiyang and Xixian New Area of Shaanxi province to deploy its vehicle and auto parts manufacturing bases.

According to the business search platform Tianyancha, Baoneng Motor has registered subsidiaries, whose line of business include complete vehicle manufacturing, in Guangzhou, Kunshan, Xi'an, Kunming and Guizhou, and has invested in an automobile electronics supplier and a car seat manufacturer (photo source: Baoneng Motor's WeChat account).