Yueda Automobile Group becomes shareholder of FAW Bestune

Beijing (Gasgoo)- Bestune, the passenger vehicle brand under the renowned FAW Group, has undergone significant changes in its corporate structure, according to Chinese corporate database Tianyancha. 

NAT PRO; photo credit: Bestune

Recent business updates include the addition of new shareholders, Jiangsu Yueda Automobile Group Co., Ltd. (referred to as "Yueda Automobile Group"), and FAW Equity Investment (Tianjin) Co., Ltd. Concurrently, the registered capital of the company has surged from approximately 60.28 billion yuan to about 84.25 billion yuan.

Following these alterations, China FAW Group Corporation, FAW Equity Investment (Tianjin) Co., Ltd., and Jiangsu Yueda Automobile Group Co., Ltd. hold 86.16%, 11.87%, and 1.97% of the Bestune’s shares, respectively.

As previously reported, the entire capital raised through Bestune's investment will be primarily allocated to the research, production, and market promotion of new energy vehicle products. This strategic move aims to expedite the transition to new energy vehicles.

In the first half of 2023, Bestune introduced two new models, the M9 and the T90, achieving comprehensive coverage in sedans, MPVs, SUVs, and new energy products. These efforts yielded significant results, with the company announcing that both monthly production and sales exceeded 10,000 units in August. Specifically, Bestune achieved a new high in nearly 28 months as its monthly production reached 12,117 units. Meanwhile, with its sales standing at 10,018 units, Bestune saw a month-on-month surge of 43% and a year-on-year soar of 134%.

"Bestune is fully embracing the era of new energy vehicles, transitioning toward a future with a reduced emphasis on traditional internal combustion engine vehicles. However, we are also actively developing hybrid electric and range-extended models," stated Lu Yu, Deputy General Manager of Bestune. The company's strategy is centered around becoming a mobility service provider and constructing a comprehensive product lineup. According to the company’s plans, Bestune aims to launch seven new energy vehicle models over the next three years, based on the FMA and FME platforms, swiftly implementing innovations in core electrification technologies and intelligent cabins.