Shanghai (Gasgoo)- Hebei Yogomo Vehicle Co., Ltd. (Yogomo) plans to change its name as Link Tour Automobile Co., Ltd., according to the official website of the Ministry of Industry and Information Technology.
Zhang Liping, chairman of Yogomo, revealed that the automaker will establish Link Tour Automobile Holding Group in the second half of this year, which will set up various subdivided brands with products covering such areas as pure electric vehicle and low-speed electric vehicle. Specifically, Link Tour Automobile will be a NEV brand under Link Tour Holding Group specializing in small-size electric vehicles.
Yogomo changes its name to have its brand position and business plan changed, especially to shift its focus from low-speed electric vehicles to passenger vehicles.
On July 16, 2017, Yogomo signed a JV framework agreement with Great Wall Motor (GWM), under which, it made a promise to sell NEV credits to GWM, with priority to other automakers, and transfer all of its positive corporate average fuel consumption (CAFC) credits to GWM. In the meantime, GWM would acquire a 25% stake in Yogomo with capital increase. To some extent, it is the pressure of GWM's lack of dual credits that mainly results in Yogomo's name changing.
It is said that Yogomo and GWM will jointly invested in and established Link Tour Holding Group, together with other various Chinese venture capital institutions. After Yogomo changed its name as Link Tour, GWM's 25% stake in the company remained the same as that of in Yogomo.
At the beginning of this year, Zhang Liping has exposed that Yogomo would change its corporate name and brand image. He also added that Yogomo would spare no efforts to rank first in small-size pure electric vehicle segment by 2020. The automaker intends to become a world-leading mobility service provider and a NEV maker with market value of RMB 100 billion in 2027.
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