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Baoneng’s NEV unit to be headquartered in Guangzhou

Nika From Gasgoo| June 16 , 2021 11:35 BJT

Shanghai (Gasgoo)- Baoneng New Energy Vehicle Group (Baoneng NEV), the NEV unit of Chinese property conglomerate Baoneng Group, will locate its headquarters in Guangzhou Development District, according to an agreement Baoneng Group inked with local authority.

Baoneng’s NEV unit to be headquartered in Guangzhou

Baoneng, Guangzhou Development District signing agreement; photo credit: Baoneng Group

As part of the strategic cooperation, state-owned companies in Guangzhou Development District will pour 12 billion yuan ($1.873 billion) in Baoneng NEV. Under the agreement, Baoneng NEV will build the headquarters into a NEV base that integrates functions of manufacturing, R&D, and operation.

Before signing the new agreement, Baoneng Group has launched several projects in Guangzhou Development District, including a NEV production base, a power battery manufacturing base, and its headquarters for investment business.

Baoneng Group established its automobile arm, namely Baoneng Motor, in 2017. At the Auto China 2020, Baoneng Motor unveiled its self-developed xEV platform that is compatible with multiple power solutions like BEV (battery electric vehicle), PHEV (plug-in hybrid electric vehicle) and REEV (range-extended electric vehicle). The first vehicle based on the platform rolled off the production line while the company announcing the production start of its self-owned Xi'an plant in November 2020.

Baoneng Motor also set up an automotive software company last year to support its in-house development of software and intelligent driving technologies. Named Foresea Seven Swords, the subsidiary engages in the R&D of smart car architecture, automotive-grade chips, car-to-cloud distributed computing platform, autonomous driving system, intelligent cockpit, vehicle control system, cloud service platform and other technical products.

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