Shanghai (Gasgoo)-Chongqing Sokon Industry Group Stock Co., Ltd. (Sokon) announced on May 31 that the company will transfer its 100% stake of both SF Motors and Chongqing Jinkang Power New Energy Co., Ltd. (Jinkang Power) to Chongqing Jinkang New Energy Vehicle Co., Ltd. ( Jinkang New Energy).
Sokon stated that the adjustment on equity structure will help the company to systematically integrate the whole value chain system of intelligent electric vehicles, in accordance with the strategic deployment in the development of intelligent electric vehicles. Since the SF Motors, Jinkang Power and Jinkang New Energy are all Sokon's subsidiaries, the equity transfer is just an internal adjustment of Sokon.
When it comes to the development plan about the Chinese market, Sokon once said that SF Motors will capitalize on its intelligent vehicle manufacturing factory and motor drive factory, to manufacture SF Motor's intelligent electric vehicles. Jinkang New Energy is the eighth automaker who received the qualification of manufacturing new energy vehicles from the National Development and Reform Commission. With this qualification, Sokon is likely to produce SF Motors's models locally through the equity transfer.
Sokon has been deploying in the new energy passenger vehicle sector for a long time. It was after Sokon was listed in Shanghai Stock Exchange in June, 2016, that it began to deploy in NEV field. In July, 2016, Sokon transferred the whole stake of Chongqing Dongkang New Energy Vehicle Co., Ltd. to Chongqing Ruichi Automobile Industry Co., Ltd., and added Dongkang New Energy's registered capital to RMB 300 million to invest in pure electric passenger vehicles. In October, 2017, Sokon acquired the whole stakes of AC Propulsion Inc, E.motor Coporation Limited and E.Motor Advance Corporation Limited.
On Oct. 17, 2017, Sokon's wholly-owned subsidiary, SF Motors, acquired the whole stake of InEVit for $33 million. Moreover, Martin Eberhard, founder of InEvit and co-founder of Tesla, as well as his team also joined SF Motors.
On Nov. 2, 2017, SF Motors announced that the acquisition of AM General's commercial assembly plant ("CAP") had closed. AM General, American leading vehicle solution provider, is famous for manufacturing Hummer.
On Dec. 12, 2017, Sokon announced that it planned to build up a power battery project of high-performance vehicles at the Science and Technology Industrial Park of Chongqing College Town. To start construction on Jan. 23, 2018, the project, with a total investment of RMB 2.026 billion, will achieve an annual production capacity of 5.2GWh after the operation starts.
On Mar. 29, SF Motors launched two pure electric SUV concepts, the SF5 and SF7 in Silicon Valley. In particular, the SF5 will start preorder in America at the end of this year, and will hit the Chinese market in 2019.
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