Source: Chery’s intelligent vehicle unit receives RMB200 million of registered capital

Shanghai (Gasgoo)- Wuhu Lion Automotive Technologies Co., Ltd. (Lion Tech), positioned as the operational entity of Chery’s intelligent vehicle business unit, has already received the capital of RMB200 million from five shareholders, according to a local media outlet, citing sources familiar with the situation.

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The money will be used on businesses like market expansion and R&D that focuses on IoV (Internet of Vehicles) and 5G-enabled autonomous driving, said one of the sources. He added the foremost mission for today’s Lion Tech is developing its own technologies and forming the technical barrier. The details of the R&D plan and profit models are under discussion.

Lion Tech was previously wholly owned by Chery Automobile Co.,Ltd. The structure changed in last November after four new companies joined with the registered capital rising to RMB200 million from RMB17.75 million.

According to the business data platform Tianyancha, Lion Tech is at present held as to 25% by Chery Holding, 20% by Chery Automobile Co.,Ltd., 20% by Chery Commercial Vehicle (Anhui) Co.,Ltd., 20% by Chery New Energy, and 15% by Wuhu Chery Technology Co.,Ltd. All of them subscribed the registered capital in proportion to their shareholdings in Lion Tech on Dec. 30, 2019.

Chery was one of earliest Chinese automakers who deployed automobile intelligence business. In 2010, it formed cooperation with CASHIPS (Hefei Institutes of Physical Science, Chinese Academy of Sciences) to build a self-driving technology platform. The foundation of Lion Tec in 2014 was regarded as Chery's inception of its transition to be an intelligent vehicle developer.

On June 20, 2019, Chery Automobile forged partnerships with a number of enterprises for its “CHERYLION” ecosystem, an intelligence business brand launched at the Auto China 2018.

At the signing ceremony, the company unveiled the logo of the “CHERYLION”, signifying the intelligence brand's integration of five major businesses, namely, autonomous driving (Drive@Lion), Internet of Vehicles (i-Connect @Lion), manufacturing (i-Make@Lion), data operation (i-Digital@Lion) as well as mobility service (i-Mobility@Lion).

From then on, the intelligent vehicle had become the group's seventh business arm, said Yin Tongyue, Secretary of the Party Committee and Chairman of Chery Automobile. The former six ones are automobile, auto parts, ship, finance, trade and tourism & real estate.